How to Sell House With a Mortgage in Ex's Name

[stacydash]

My question involves marriage law for the State of: North Carolina and Georgia

I was a joint owner to a property in GA with my ex-husband and after the divorce was final he signed over the deed to me via quit claim deed. This was not ordered in the divorce. My ex-husband has the mortgage in his name only. Will I have a problem selling the house being that the loan is in his name only?

[jk]

Not if you pay off the mortgage loan at the time of the sale.

The mortgage lenders security interest in the home was not altered by the quit claim deed. Due to that, unless they are paid off, they will not release their lien on the house. No other lender is going to finance the home with the current 1st mortgage in place.

[stacydash]

Not sure if I understand, If I sell it and at closing the current loan is being paid off, the buyer will not be able to buy?

[jk]

Not sure if I understand, If I sell it and at closing the current loan is being paid off, the buyer will not be able to buy?

If the current loan is NOT paid off at closing, you are not going to be able to sell the home. No lender in their right mind would loan money on a house for purchase if there is already a 1st mortgage in place that is senior to the new loan.

If the current loan does get paid off, it would be just like any other sale.

[stacydash]

Okay thanks for the info.