Removing a Spouse from a Mortgage After Divorce | DeedClaim – Removing a Spouse from a Mortgage After Divorce When spouses divorce, they must divide their real estate. This is most often accomplished by using a quitclaim deed to remove an ex-spouse from the deed to the property.
11 Tips For Protecting YOUR Assets During Divorce – Whether it is a Target credit card or a home mortgage, credit accounts need to be paid off. If you don’t work or have an income, encourage the income earning spouse to help you remove your name.
A quitclaim deed is commonly used to remove a spouse’s name from the title in a divorce. Navigating the decision to stay or sell Kathy Kristof filed for divorce in 2002 after 16 years of marriage.
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A quitclaim deed will not remove a borrower’s name from a mortgage. With a quit claim deed, an owner can transfer all ownership rights to somebody else, but any loan agreements remain unchanged (giving up ownership does not mean you give up the responsibility to pay).
· Some lenders require mortgage notes that state if a borrower is removed, the loan must be paid off. In this case, the remaining borrower must prove income. When the removal of the borrower is not related to divorce, legal separation, or death. You assumed the FHA loan less than six months ago.
November 28, 2011 – In situations where a borrower wishes to refinance an FHA mortgage with FHA streamline refinancing, there may be a need to add or remove another borrower. If a borrower is getting a divorce, for example, refinancing the property under a single person’s name (removing the spouse) would make sense.
Recent Real Estate Cases of Note: Forged Signature on Loan and Lis Pendens Test – In 2004, Dana McConaghy and her spouse matt mcconaghy (decedent) obtained a $324,250 residential mortgage loan from First Franklin. Ultimately, the trial judge signed an order removing the lis.
Removing Ex-Spouse From Mortgage After Final Divorce – Consequences Of Not Removing Ex-Spouse From Mortgage After Divorce. Removing ex-spouse from mortgage after a divorce is a process. It cannot be done overnight; Homeowners with both names on the mortgage will still remain on the note; This means if you surrender the home to the ex-spouse, and they are late on their payments, you are still liable