Warranty Deed or Quick Claim Deed

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My husband is in the process of refinancing the house for a lower interest rate. We are also in the process of divorcing. After the refinancing is over he wants to quick deed the house to me as my credit will not allow a purchase. Basically I will become completely responsible for the property and mortgage payment. Do we need to do a quick deed or warranty deed? And how long after the refinancing is completed do we need to wait? cool grin

Comments(2)

  • jfmlv195027th April, 2003

    Hi bird,

    Welcome to the site.

    In a divorce situation, especially where it is ordered by the court, in the decree, a quit claim is usually acceptable. You should be able to do the quit claim immediately after the refi company has finished recording all their paperwork.

    The attorney you are using for your divorce should be able to handle this easily.

    John (LV)

  • TheShortSalePro27th April, 2003

    In my opinion, regarding the handling of realty matters, most divorce decrees are not forward thinking, and often leave the former spouses with avoidable difficulties.

    I know it's your intent to be fully responsible for the new mortgage loan payment and housing expenses, but a quit claim deed from your soon to be Ex won't alone accomplish that. For you, that's OK. But Ex is still on the mortgage and responsible to pay irrespective of his ownership interest.

    A QCD will convey his ownership to you, but his obligation on the mortgage note will remain.

    If you decide not to pay, it will be he who
    will be in hot water with the mortgagee, not you. Your Ex will have to take you to Court to enforce the provisions in the divorce decree, which is of no interest or consequence to the mortgage lender.

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