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If I file a quck claim deed does that remove my name from…

Customer Question
If I file a...

If I file a quck claim deed does that remove my name from the mortgage and any repsonsilbity on it

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Pennsylvania

Lawyer's Assistant: Has anything been filed or reported?

Not yet. I have the quick claim deed forms in hand

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

That covers it

Submitted: 1 month ago.Category: Real Estate Law
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Answered in 5 minutes by:
12/22/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 month ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 8,311
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Customer reply replied 1 month ago
thanks
Customer reply replied 1 month ago
hello
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 month ago

Thanks so much for your patience. If you file a quit claim deed, it will not remove your name from the mortgage. The mortgage was given to you and the home is the security to ensure that they get paid back one way or another. So, if you quit claim it to someone else, but you fail to pay the mortgage, then they can still foreclose on the home. They would have to notify you of the foreclosure and the new owner of the property as well. What you may want to consider is refinancing in the new owner's name or having the new owner assume the mortgage. The new owner may also take out a mortgage on their own and purchasing the property. What other concerns did you have regarding this?

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Customer reply replied 1 month ago
i am listed as the co borrower. I want him to take it over. I was told if I filed that it would release me from the property and rights. We are separating and I am moving out to a new place. He is dragging his feet and I wanted legal action to be removed from the mortgage. I was told this would work.
Customer reply replied 1 month ago
I do not pay the mortgage. he does.
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 month ago

I'm sorry, but I think that you may have been misinformed by someone else. You'll still be responsible (technically) for the mortgage. So, although you won't have any ownership in the home, if he fails to pay, it could harm your credit. The only way out of this is if you and him agree to refinance the home in his name alone. However, because he is still living on the property presumably or is at least owning the property, then he has at least some motivation to keep up with the payments. When he sells the house, the mortgage will be satisfied and although you won't be entitled to proceeds, you will no longer be responsible for the mortgage at that point. Does that make sense?

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Customer reply replied 1 month ago
basically I cannot do anything to be removed other than him re-financing and if he decides to default then I am totally screwed
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 month ago

I hate to say totally screwed because there's a chance that if he sells the home, refinances the home, or pays off the mortgage, you will be in a great financial position and you may be able to qualify for your own home mortgage potentially thereafter; however, if he defaults on the mortgage, then your credit will take a hit for a few years. Usually, it's only 7 years that negative information stays on your credit report and thankfully in most states the lender will not try to get the rest of the money from you personally. I would recommend asking him to refinance it in his name alone. If the home has increased in value, then he may be able to get a cash out refinance, giving him some money, which may be sweeten the deal a little. What other questions did you have for me?

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Customer reply replied 1 month ago
I just spend over a year building my credit up from past issues and busted my rear to do so. That is the last thing I need.thanks
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 month ago

I'm very sorry about that. It's not great news, but see if you can work with him.

on to support their position is called principled negotiation. All this means is that you are looking to get something done on the basis of principles, even if you can’t find a law to support you. It takes the anxiety out of dealing with the other side because you’re focused on the facts, not each other.

Here are some simple steps you can follow:

  1. Figure out what the other side’s interests are (saving money, saving time, etc.?);

  2. Think about what your interests are (saving money, saving time, etc.?);

  3. Come up with 2 to 3 reasonable and objective ways to solve the problem;

  4. Present it to the other side;

  5. If the other side rejects, ask them, “Is there a reason why you do not feel it is necessary to negotiate?”

Of course, these are just building blocks to get the other party to help solve the dispute. Believe me when I say that good lawyers use this technique all the time to keep things out of court. You’ll find that it is very effective even with the most stubborn of individuals.

So, you may be able to offer him some money to refinance the home in his name and see if the home has gone up in value so you can encourage him to refinance and get some cash out of the deal and keep you from being obligated to a place that you don't own.

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Category: Real Estate Law
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