Will signing a quitclaim achievement free me of liability of the warring home is if my entitle is not on the mortgage.?
The mortgage is in my spouse's name lone and it looks like the home is headed for foreclosure, I am freshly wondering if I file a quitclaim deed if it will still walk against my credit if the house is foreclosed upon. My name is only on the title of the home, not the mortgage. Please give support to I need some advice prompt!!
Answers:
This is too earth-shattering to depend on us Yahoos - call an attorney in your state and ask. You will probably catch the information free from the secretary (who is the one producing most of the documents anyway).
Signing a quitclaim will not accomplish anything. All a quitclaim does is convey your ownership interest in the property to another group. If you are liable for the mortgage now, you will still be liable after signing the quitclaim.
It's kind of close to asking, "If I give my credit card to my wife, will I be free of liability for the outstanding balance?"
It really depends on your community property laws for your state.
If you live in a community property state and the house be bought while married, it is half your house.
However, if your state is not community property you can each enjoy separate property.
You may run into some criminal fraud issues, so you might want to consult an attorney before you proceed.
ask an attorney, this could be a sticky one. This is not the usual way it's done.
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Answers:
This is too earth-shattering to depend on us Yahoos - call an attorney in your state and ask. You will probably catch the information free from the secretary (who is the one producing most of the documents anyway).
Signing a quitclaim will not accomplish anything. All a quitclaim does is convey your ownership interest in the property to another group. If you are liable for the mortgage now, you will still be liable after signing the quitclaim.
It's kind of close to asking, "If I give my credit card to my wife, will I be free of liability for the outstanding balance?"
It really depends on your community property laws for your state.
If you live in a community property state and the house be bought while married, it is half your house.
However, if your state is not community property you can each enjoy separate property.
You may run into some criminal fraud issues, so you might want to consult an attorney before you proceed.
ask an attorney, this could be a sticky one. This is not the usual way it's done.
Related Questions:
Looking for a mobile home mortgage beside fruitless to environment credit?
We have land beside approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the landscape off and refinance it with the mobile home loan. but due to my brother have his 35 year old...