QUESTION
If my former wife does a quit claim, does that remove her from paying the loan?
Asked on Nov 15th, 2011 on Bankruptcy - New York
More details to this question:
I am trying to get my ex's name off the mortgage loan. Does submitting a quit claim deed accomplish that?
3 ANSWERS
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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No. In order to relieve her from liability on the mortgage, the lender needs to do something to release her.
Answered on Nov 16th, 2011 at 8:32 PM
Bankruptcy Attorney serving Lenexa, KS
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Walden Legal Solutions, LLC
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No. A Quit Claim Deed will transfer the property, but not the liability of debt. The only way your ex-wife's name may be removed from a mortgage is if you refinance the property so that you are the sole borrower.
Answered on Nov 16th, 2011 at 7:29 PM
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Absolutely not! This also has many negative implications. If you have mortgage problems, speak to a lawyer to deal with them properly.
Answered on Nov 16th, 2011 at 4:21 PM