Anyone know about these?

Do they eleviate you from financial responsibility on the home even if your name is on the loan?

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GO TONY!!!!!!!!!!! # 20!!!

No, a Quit Claim deed will not remove you from a mortgage liability. Your mortgage liability lies within the contract you signed with your mortgage company, not specifically with the deed.

From Wikipedia: "Quit Claim deeds do not release the person quitting claim from their obligations under a mortgage, although a quit claim deed can be a step in the right direction. In order to remove the party who quits claim from the mortgage, you must refinance the mortgage in the name of the party to whom title or interest in the property has been conveyed."

HTH,
Renee

A quit claim removes the name from the deed but does not remove that person from financial responsibility.
I know because my divorce was final about a month ago. I got the house but have no job so it'll be difficult to refinance it for a while. My lawyer told me he would have the ex to sign a quit claim. I ask the ex about this before the divorce was final. He called the finance company who told him it would remove his name from the deed, the house would NOT be his any longer but on his credit report it would still show this as an open debt.
Obviously ex isn't too happy about this and I have to make a good faith effort to refinance within 12 months.....if I can't, the house still belongs to me.

OK let me explain... SO bought a house with someone 15 years ago. They split up 10 years ago. (He left and let her keep the house because of the kids.) Well all the sudden she wants him to sign a quit claim deed. BUT has not refinanced and is saying that she cant because she is listed as a "slow Payor". I dont really think that it is fair that he signs over any ownership rights however is still financially responsible. The thing is she didnt tell him any of this. She told him that it would "probably take care of the loan part too" andI just wanted to claify things before I talked with him about it.
We are planning on getting married and lord knows I dont want this thing hanging over us.

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GO TONY!!!!!!!!!!! # 20!!!

She may not be able to refinance without really high interest rates. If that's the case and he doesn't want to remain financially responsible, he can probably force the issue so that she has to sell the house, split the equity(though if she's paid 3/4 of the payments, he probably doesn't deserve 1/2 of the equity, IMO) and he'll be off the deed and no longer financially responsible.

He can deed his interest in the property to her but would still be liable on the mortgage. She may not be able to refinance if she's been late on her payments. The subprime market is pretty dry right now.

It would be a horrible decision for him to sign a quit claim. He then has no legal right to the property but has the finanical responsibility. If she has been delinquient on paying the mortgage then it has affected his credit too. Plus, if you all want to buy a home he will have this debt counting in his debt to income ratio. I would do whatever you can to get him off the mortgage and deed, even legal action. This could become a huge nightmare.

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