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Dave Kennett
Dave Kennett, Lawyer
Category: Real Estate Law
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Experience:  25 years experience
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Hi I live in Tennessee and I want to know if i quit claim deed

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Hi I live in Tennessee and I want to know if i quit claim deed my home to my wife does that absolve me of all financial responsibility if she cant make the payments or otherwise defaults on the loan?
Dear JACUSTOMER - Signing a quit claim deed simply gives up your interest in ownership of real estate but it doesn't take your name off of the mortgage. The only way to be relived from the mortgage obligation is for the lender to release you in writing however virtually no lender will release you until the mortgage is either paid or refinanced in someone else's name. So signing the deed to your wife does not affect your mortgage obligation. I would not recommend releasing your rights to real estate until you are also release from any debt obligations.
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