Getting your name off the mortgage note takes more than a Quit Claim Deed. If you are getting a divorce, and your spouse is getting the house and taking liability for the mortgage payments, if you are named as a joint debtor with spouse on the original mortgage at the bank, it takes the bank to allow you to remove your name from being liable on the mortgage. This is usually done by the other party (who wishes to be awarded the home) having to refinance to remove you and take out an entirely new mortgage loan which is solely in their name. So if you think you have washed your hands of the home and mortgage by simply quit claim deeding it to your spouse as part of the divorce, you are wrong. You need to find out if your spouse who wants the house even qualifies to have the mortgage loan refinanced in their name alone and if the bank is willing to agree to release you from financial liability on the mortgage note. And the time to find this out is BEFORE you divorce decree is final, not after.Even if your spouse makes all the mortgage payments on time after the divorce is over, unless you are removed from the loan, the total amount of the mortgage for the home awarded to your ex spouse will show up on your credit report as a debt you owe, which most likely adversely effects your ability after divorce to go and finance your own house. Getting divorced? Get professional legal advice and representation from an experienced legal professional. Call us for a consultation: (218) 741-8517 Mary Johnson, Attorney at Law
Posted on: Fri, 22 Aug 2014 12:59:41 +0000
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