Investor · Duluth, MN · Member since 2015 · 70 posts · 22 votes
I am recently divorced and I'm trying to re-organize my life. I have a home in Jacksonville, NC that I want to get off my credit report. The home is in mine and my ex-wife's name and so is the mortgage. The mortgage was a VA loan (not sure if that matters). Will a quit claim deed remove me from the title and the mortgage in North Carolina? Will my ex-wife have to refinance in order for me to get my VA loan entitlement back? Any information on this subject would be greatly appreciated.
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
3y
@Forrest Holden You should be able to quit claim deed and remove your name from the title. You'll have to ask about lender about a mortgage assumption or mortgage modification. In a mortgage assumption one borrower takes over another’s existing home loan. Some lenders won't do it if the borrower (your ex) can't afford (qualify) for the mortgage. It could force you to sell the property.