Quitclaim Deed in Divorce
My husband & I are in the process of a Divorce. We reside in California. Today he filed a Quit Claim Deed signing over our second home to me as a gift. However, his name is on the mortgage (even though it was purchased it during our marriage. How does this work? My salary would never compensate for the house note. Was it even worth him Quitclaiming the home to me?
Re: Quitclaim Deed in Divorce
Not sure how it all will work out with a divorce and all in Cali BUT what a quitclaim deed does is sign off your rights to real estate. It does nothing for the mortgage. The only way to get his name off the mortgage is to sell or refi the property.
It genererally is not a smart move to QC deed a property that your name is still on the mortgage.
So, he doesn;t have any interest in the home now but he still owes the mortgage.