Reply to Divorce and Quitclaim Deeds

Forum Index » Parenting -- Special Concerns

Reply to "Divorce and Quitclaim Deeds"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous] I'm in VA. when I divorced, my X agreed that I got the house. This was written out as part of my separation agreement/divorce decree. I had my attorney do the change in the deed. I don't recall if it was a quitclaim though. [b]I did have to work with my lender to assume the mortgage from my X. [/b]As a PP mentioned, the quitclaim will remove a person from the property rights but not from the mortgage debt itself. Two separate processes. [/quote]

This is the potential problem, OP.  If there's a mortgage and you're not able/qualified (in the bank's eyes) to assume it, or they're just not willing to work with you, they can call the loan -- full balance payable in X days.  If you're not able to pay (through refinance, cash, what have you), the bank can forclose on the house. Your ex may be jointly liable for any difference between what's owed and what the bank recieves in the foreclosure sale, but you'll be out of the house, which I assume was a key peice of your property settlement. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics