Divorce, Mortgage, and the Quitclaim Deed.

Divorce, Mortgage, and the Quitclaim Deed.

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Divorce is tough enough by itself and even worse when real estate is involved. It is important to try and not let the emotional process get in the way of making sound logical decisions.

With many people owing more on their properties than the real estate is actually worth couples going through divorce have few options for splitting the real estate assets. Most common for upside-down properties is one spouse keeping the property and continuing to make the mortgage payments. Generally the other spouse quitclaims their rights to the property to the spouse that is keeping the property. The major problem with this is that the spouse who gives up their rights to the property (quitclaims) is still on the hook for the mortgage unless they contact the lender and get released from their obligation. Most lenders are not going to be willing to do this, they want to be able to go after as many people as possible if their is a default.

If you are in a situation where you are using a quitclaim deed to give your rights to real estate to another person make sure that you do everything you can to remove your obligation to any debt related to the property as the quitclaim deed will NOT do this.

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NOTE* If you have a question about this information start a new topic in your area forum.
 
 
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