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Quit Claim and Mortgage Responsibility

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  • 09-10-2007, 03:00 PM
    mdeplasco
    Quit Claim and Mortgage Responsibility
    I own a house in Virginia with a former girl friend, both of our names are on the mortgage and title. We lived in the house together for four years and I moved out over two years ago. She has has paid all housing costs for the last two years. I want her to either sell or refinance the house to get me off of the mortgage. She wants to refinance the house; there is a primary and second mortgage in both of our names. I agreed to let her have all of the proceeds of a sale or refinance. She asked me to provide a Quit Claim to allow her to refinance the house. If I provide a Quit Claim for my interest in the house and she does not refinance or sell what will happen if she defaults on the loans? What should I be concerned with in this situation?
  • 09-10-2007, 03:52 PM
    aaron
    Re: Quit Claim and Mortgage Responsibility
    A quit claim will not relieve you of any responsibility for the mortgage.
  • 09-10-2007, 04:08 PM
    mdeplasco
    Re: Quit Claim and Mortgage Responsibility
    I understand that I'm still responsible for the Mortgage! Why would she want a Quit Claim than. I don't pay any expenses and she does want me off of the mortgage. Does she need a Quit Claim from me to refinance the mortgage in her name only?
  • 09-10-2007, 04:11 PM
    aaron
    Re: Quit Claim and Mortgage Responsibility
    The quit claim would establish that she has a 100% ownership interest, which should help her qualify for a mortgage and/or get better terms.
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