QUESTION
If my husband refinances our home solely in his name and based solely upon his income and I sign a quit claim deed, am I totally off the hook?
Asked on Jan 17th, 2014 on Divorce - Florida
More details to this question:
Also I'm assuming they would not come after our adult children should he default/pass away? Thank you.
7 ANSWERS
Family Law Attorney serving Peoria, AZ
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The Law Firm of Jessica M. Cotter, P.L.L.C.
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In Arizona if you have quit claimed the property to him, and the refinance is in his name only, then it would appear that you have been removed from any liability for the mortgage. Arizona has protections built into its real property law that prevent a mortgage company from doing anything but taking the house back, at least for property that is a single family home on less than 2 1/2 acres.
Answered on Jan 22nd, 2014 at 11:31 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Sounds good so far, if it is important to you take the paperwork to an attorney and make sure it is recorded.
Answered on Jan 21st, 2014 at 7:06 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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The children are not responsible for his debts, only his property is. And yes, if he refinances in his name only and you sign a quit-claim deed, you are off the hook.
Answered on Jan 20th, 2014 at 7:32 PM
Social Security Disability Attorney serving Melbourne, FL
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Law Office of Robert E. McCall
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You still have an interest based on the Florida Constitution Homestead provision.
Answered on Jan 20th, 2014 at 7:32 PM
If the loan is solely in his name you have no obligation to pay the debt unless you want to stay in the house if he should die.
Answered on Jan 20th, 2014 at 7:32 PM
Yes. If the house and the financing is in his name you are off the hook.
Answered on Jan 20th, 2014 at 7:31 PM
It sounds as if you are off the hook as long as the home was refinanced in his name alone and he records the quit claim deed. In order to be certain of this, however, you might want to telephone the lender to confirm and check the County records to be certain the quit claim deed has been recorded.
Answered on Jan 20th, 2014 at 7:28 PM