I am co-owner of our house, but I am not on the mortgage. Can I walk away? Who is resp for the mortgage? Can I file a Quitclaim w/o the party?

Asked by D.s., Easton, MD Thu Feb 10, 2011

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Amber Corrow…, Agent, Great Falls, MT
Fri Feb 11, 2011
Hi D.S

Obviously, the best answer is to contact a Real Estate Attorney to be sure that you do not have liability. There are a few good ones in the Great Falls area. Be sure that you contact one in the state that the property is in as Real Estate laws can vary from state to state.

Having worked in the mortgage industry, I can tell you that if your name is not on the deed, if you did not sign any of the loan documents, if your name is not on those 1098's at the end of the year, you likely do not have an obligation to that mortgage. Whoever signed their name to that loan is responsible. If you were Quit Claimed on to the Deed at closing or sometime after closing that gives you an ownership interest in the home. You can certainly give up that interest if you so choose but I believe both parties would have to sign the Quit Claim, again, consult an attorney or a local title company for guidance on those issues.

I am sure you have your own reasons for giving up an ownership interest in a home but remember, once you give up your interest, you may have no grounds to go back and collect a portion of the profit should the home ever be sold. Please consult with an attorney before making this decision so that you know all of your alternatives and the outcome of any alternative that you may choose.

Please feel free to call me if you need any further information. Have a great day!

Amber Corrow
0 votes
Mack McCoy, Agent, Seattle, WA
Fri Feb 11, 2011
And you would do this, why?
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Eli Givoni-S…, , Boca Raton, FL
Fri Feb 11, 2011
Probably, yes. Although, you should check with an attorney. I'm wondering why you would just want to walk away...?
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Jonas, , Houston, TX
Fri Feb 11, 2011
Hi DS,

I don't believe Maryland is a community property state first and foremost. It is entirely possible to NOT be on the mortgage married or not, community or not. Yes you can submit a quitclaim deed. Anyone can file a QD as it simply says, "I am releasing all interest in the subjective real property."

Now...whether this applies to YOUR circumstance should be determined by an attorney. I would not take legal advice on a real estate forum. (I am not giving legal advice but rather answering direct questions)

Good luck!

Jonas mancuso
Remax Int'l
0 votes
Mark Atteber…, Agent, Louisville, KY
Thu Feb 10, 2011
Unless you live in a community state and married after the home was bought, you are most likely on the MORTGAGE, but not on the NOTE. The note states the responsible person that has to repay the loan. The mortgage is what gives the bank the right to hold the house as collateral. You should always consult an attorney and not just a message board with an important decision such as this, but based on what you said, yes, you can walk away, the party or parties that signed the note is responsible and you can choose to quit claim or not.

Best of Luck,

Mark Atteberry, Expert Louisville Realtor
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Andy Onushco, Agent, Helena, MT
Thu Feb 10, 2011
It sounds like you might be better checking with an attorney rather than a realtor. There are a number of variables that come into play, and the answer will vary depending on your specific situation, your relationship to the other co-owner, and the way that the title is held between you and the other co-owner. Good Luck
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Melaine Loy, , Great Falls, MT
Thu Feb 10, 2011
Hello D.s.

Are you on the Deed? Does the Mortgage show up on your credit report?. I suggest contacting a Title Company in Great Falls about the quit claim deed and an attorney. Feel free to contact me, Thanks

Melaine Loy
(406) 231-0520
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