Divorce & Real estate?
Saturday, 24. July 2010
I’m getting divorced and I don’t want the condo. We just bought it a 1 1/2 years ago..so there isn’t much equity. Is there anyway I get just get my name off the mortgage & loan without him having to refinance? With a quit claim deed am I still legally responsible for the mortgage? He still wants the place and I want him to have it. I just want to walk away.
Landlord Says:
The only possible way is for him to refinance it without you. It is a legally binding contract and can not be altered, it has to be paid off an a new contract drawn up.
estielmo Says:
You CAN’T walk away without deep finacial repercussions. You need to sell it if you can’t refinance.
americanfreeman Says:
you can get off the deed, but to get off the mortgage you have to refinance. A quit deed does not get you off the mortgage.
Bibs Says:
If neither party can meet the mortgage payments alone, the court would probably order a sale of the property.