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quit claim deed

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Carrie Havlik

Guest
What is the name of your state? Iowa
I have been divorced for 4 years. We decided he would keep the house and refinance on his own when the balloon note came due. It is now due and he says the bank wants me to sign a quit claim deed as the first step of him getting a new loan. I don't want to transfer my rights to the property till he has the financing and my name is no longer on the loan. I had recently been told by the bank that they could not refinance him right away due to some personal situation they couldn't discuss with me. My concern is that if I sign the quit claim deed and he isn't able or doesn't make the payments than I am responsible and if I have signed the deed I have no recourse. Do I have to sign the deed before he has the financing done? Should I do so?
 


HomeGuru

Senior Member
Carrie Havlik said:
What is the name of your state? Iowa
I have been divorced for 4 years. We decided he would keep the house and refinance on his own when the balloon note came due. It is now due and he says the bank wants me to sign a quit claim deed as the first step of him getting a new loan. I don't want to transfer my rights to the property till he has the financing and my name is no longer on the loan. I had recently been told by the bank that they could not refinance him right away due to some personal situation they couldn't discuss with me. My concern is that if I sign the quit claim deed and he isn't able or doesn't make the payments than I am responsible and if I have signed the deed I have no recourse. Do I have to sign the deed before he has the financing done? Should I do so?

**A: No,no,no. You sign the deed in escrow at closing after he has gotten final loan approval and prior to loan funding.
 
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Carrie Havlik

Guest
Thanks for verifying my thoughts on this. I talked to the loan officer today and she said they needed my name off the house to begin the refinancing or it would still be in both our names. When I said I had been advised not to sign till closing she said she would talk to her boss and see if they could proceed without my signing the deed as long as they were sure I would do so at closing. So now I wait some more.
Thanks again.
 

HomeGuru

Senior Member
Carrie Havlik said:
Thanks for verifying my thoughts on this. I talked to the loan officer today and she said they needed my name off the house to begin the refinancing or it would still be in both our names. When I said I had been advised not to sign till closing she said she would talk to her boss and see if they could proceed without my signing the deed as long as they were sure I would do so at closing. So now I wait some more.
Thanks again.

**A: the loan officer is an idiot.
 

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