Property Q&A in Tampa>Question Details

debi, Home Buyer in Monroe, GA

Divorced in Oct 2010. Divorce degree ex gets the home. Both our names on loan.

Asked by debi, Monroe, GA Mon Feb 25, 2013

Ex is asking me for quit claim deed now in 2013. If I do it does that release me off the loan?

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Answers

6
The only thing that takes you off the note is for your ex to refinance the home in their name or the lender modifying and taking you off the note and mortgage. Otherwise - you are still credit and technically responsible for the mortgage. Even if you ex is good at paying and you don't get any negative points, the amount of the mortgage payment will be part of your debt ratios preventing you from getting another loan. I have had client's who have shown the divorce decree and the payments from the ex paying the mortgage but it isn't the same as just taking it completely off with a refinance.

Now if your ex is selling the property and to streamline the process is asking for a quit claim - this is a different scenario and after consulting with your divorce attorney determine if its the best route.
Good-luck.
1 vote Thank Flag Link Tue Feb 26, 2013
No it does not release you from the loan. What Alma said is spot on. Your ex could refinance the home into his name only which would release you, if the home is not upside down. I agree that it would be wise to seek a bit of legal advice.

Liane Jamason
Smith & Associates Real Estate
813-486-4997
1 vote Thank Flag Link Tue Feb 26, 2013
No, did you not have an attorney during the divorce? If you had an attorney, it's a shame she/he didn't recommend that you require your former spouse to get the mortgage in her name or sell the property to relieve you of the liability on the mortgage.

I would NOT quit claim the property without getting competent legal advice. Otherwise you are still going to be responsible for the mortgage but she can go ahead and rent it out and collect the rents and never pay another mortgage payment and ruin your credit! Proceed with caution!
1 vote Thank Flag Link Mon Feb 25, 2013
Nope, that will just give the grantee all your rights, title and interest to the property but it will not releases you from the loan.

Tell him you would be happy to and to have the bank send you a release of mortgage and you will send him the QCD.
0 votes Thank Flag Link Tue Feb 26, 2013
Debi,

Quit claim is redundant and pointless if divorce decree has already stated disposition of house. Quit claim has nothing to do with mortgage.
0 votes Thank Flag Link Tue Feb 26, 2013
Alma from Tampa is correct. The divorce decree should have stipulations on how to transfer the mortgage over to your ex through ex refi or sell the house, but not a quit claim deed because that creates a cloud on title and you will still be liable for the mortgage.
Read your divorce decree carefully and talk to your divorce lawyer.
0 votes Thank Flag Link Mon Feb 25, 2013
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