Home Selling in Coal City>Question Details

Fayray, Home Seller in Coal City, IL

does the mortgage company recognize quit claim deeds on property co-owned by divorced spouses?

Asked by Fayray, Coal City, IL Tue Aug 3, 2010

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Scott, I am curious, are you a loan officer in addition to being a realtor?
This really depends on the laws of your state, and what you are trying to accomplish. If one person quit claims the house that is jointly owned to the other, whether they do it as a quit claim or not, the name doesn't come off the mortgage note unless you refinance. Also, was the quit claim filed? This is also a question that you should ask your attorney, because from your question it is difficult to figure out what you really want to know.
0 votes Thank Flag Link Tue Aug 3, 2010
It depends on how you want them to recognize it, say the husband quitclaims his interests in teh deed to teh wife, he is still on the mortgage though unless released by the bank. The wife would have to prove to the bank that she c9ould quailify for teh loan on her own in order to remove teh husband from the loan.
Web Reference: http://www.ScottSellsNh.com
0 votes Thank Flag Link Tue Aug 3, 2010
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