Financial responsibility after a quickclaim deed

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I'm in the process of getting a divorce and my wife's house, which we refinanced together just last year, is now in foreclosure. If I quickclaim deed my interest of the house to her am I still responsible financially? confused

Comments(1)

  • rajwarrior30th April, 2003

    A quit claim deed does not relieve you of your mortgage obligations, it just gives up your rights to the property. If you're a co-borrower against the loan, then your credit will be trashed if the home is foreclosed.

    I'd seek the advice of a good attorney quickly. Of course I don't know the details, but a quick suggestion would be to have your ex deed you the property, you refi to get a loan completely in your name. Then you could resale/rent/lease the property.

    This could be done in reverse, as well, but I'm guessing that the ex was supposed to be paying the loan and hasn't.

    Roger

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