I want my name taken off the mortgage that I have with my X. Does a quit claim deed do this or is there no other way other then selling the house or doing a refi. I live in Michigan so any help would be great.
Nope. If a property is mortgaged, you can sign away your rights to it with a quit claim deed, but not your responsibility for the loan. BTW, the quit claim deed is meaningless until the property is free and clear of all mortgages and liens.
Sorry, in order to get your name off the mortgage, you have to pay off the lender.
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7 Responses to “does a quit claim deed remove you name from the mortgage?”
All it does is give up your share of the property, but you still are responsible fo the debt. Do a refinance with her name on the Note only, then you’re free. References : BBA Real Estate / Finance
If I recall correct NO it only takes into consideration ownership. Your mortgage is a separate transaction and you would need to have a new one started in your EX’s name. Mortgage is a financial obligation you signed up for. I would double check before I walked away with just a quit claim deed because all it does is make a statement for you it is not always fact. Good luck References :
No. All a quit claim deed does is convey any interest a person has in the property to the other party. The only way to be removed from the mortgage is to work it out with the mortgage company. That is the only way. Judge can’t order it, your ex can’t do it, only the mortgage company. Sometimes they will, many times they refuse since if your ex defaults they can always go after you.
If your ex refinances, that would do the trick. References :
Nope. If a property is mortgaged, you can sign away your rights to it with a quit claim deed, but not your responsibility for the loan. BTW, the quit claim deed is meaningless until the property is free and clear of all mortgages and liens.
Sorry, in order to get your name off the mortgage, you have to pay off the lender. References :
I don’t know about Michigan, but my husband and I quit claimed a house in Ontario Canada years ago because we were moving across the country, real estate prices had dropped considerably and it was going to cost us more to sell at a loss and pay all the related expenses than it would be to quit claim it.
What we had to do was sign the house back over to the mortgage company and in the process we lost our downpayment and everything we put into the house while we owned it. As soon as we signed it back, our names were removed from the deed References :
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NO.
All it does is give up your share of the property, but you still are responsible fo the debt. Do a refinance with her name on the Note only, then you’re free.
References :
BBA Real Estate / Finance
If I recall correct NO it only takes into consideration ownership. Your mortgage is a separate transaction and you would need to have a new one started in your EX’s name. Mortgage is a financial obligation you signed up for. I would double check before I walked away with just a quit claim deed because all it does is make a statement for you it is not always fact. Good luck
References :
No. All a quit claim deed does is convey any interest a person has in the property to the other party. The only way to be removed from the mortgage is to work it out with the mortgage company. That is the only way. Judge can’t order it, your ex can’t do it, only the mortgage company. Sometimes they will, many times they refuse since if your ex defaults they can always go after you.
If your ex refinances, that would do the trick.
References :
NO – you need to talk to a broker or lawyer to do it properly.
References :
No it just says you have no say in it anymore
References :
Nope. If a property is mortgaged, you can sign away your rights to it with a quit claim deed, but not your responsibility for the loan. BTW, the quit claim deed is meaningless until the property is free and clear of all mortgages and liens.
Sorry, in order to get your name off the mortgage, you have to pay off the lender.
References :
I don’t know about Michigan, but my husband and I quit claimed a house in Ontario Canada years ago because we were moving across the country, real estate prices had dropped considerably and it was going to cost us more to sell at a loss and pay all the related expenses than it would be to quit claim it.
What we had to do was sign the house back over to the mortgage company and in the process we lost our downpayment and everything we put into the house while we owned it. As soon as we signed it back, our names were removed from the deed
References :