Signing a Quitclaim deed/ Mortgage what are the repercussions?
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Signing a Quitclaim deed/ Mortgage what are the repercussions?
My ex-wife and I own a home and we are both on the deed/mortgage. I do not reside in the home. It has been brought to my attention that she is 4 months late on the mortgage. I’m assuming the home will go into foreclosure soon as she doesn’t have the means to refinance. Would it be wise to sign a quitclaim deed in this situation?
Asked on August 9, 2019 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
Being on the mortgage means that you are responsible for paying it even if you quitclaim your interest in the home to someone else. The mortgage is a contract among you, your co-borrower (ex-wife) and the bank, and you cannot get out of your contractual obligations to the bank by quitclaiming your insterest. If you do that, you will still owe the money on the mortgage but now will no longer own the home and so will have nothing of value for the mortgage.
What you want to do is to bring a kind of lawsuit called an action "for partition" to get a court order forcing or requiring the sale of the house: courts can order real estate to be sold when the owners disagree about what to do with it. The proceeds of the sale will go to the mortgage; then anything left over will be split between you and your ex. Talk to a real estate attorney about this option.
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