Is A Quitclaim Deed A Good Idea?


2 Answers

Rena Chisholm Profile
Rena Chisholm answered
If you sign a quit claim deed then you are signing your rights to the house away which would be okay except for one BIG problem. Your name is still on the mortgage so you will STILL BE RESPONSIBLE for the the debt on the house. If he defaults on the loan then they will come to you for payment. If you do not pay then your credit will be ruined. Also, if you need to get a loan for anything as long as you are still on that house loan then they may see it as you are in more debt than your income allows and you would be declined for the loan. I would never sign the quit claim at this point. Instead, let him get a co-signer of his own and have him REFINANCE the house into his name only. That would pay off the original mortgage debt and leave your credit looking good and in the clear. You can go with him when he refinances and sign off the house with a quit claim at that time and ONLY when he refinances. I've been in this situation with my ex and didn't find out until he was served foreclosure notice. I had to get the house sold quickly to save my credit. I thank God that I managed to get it sold before the foreclosure went through. This is only a suggestion based on my own experiences but you know what they say, experience is the best teacher, and we can learn from other peoples experiences.
amy carl Profile
amy carl answered
It's useless if your name is on the mortgage or the will still be responsible if he defaults on the loan. Sorry, but true, going thru that myself now.

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