How to remove name from mortgage loan!
My ex and I divorced back in 2012 and I did a Quit Claim Deed leaving him the house. My name is still on the loan tho. He recently passed away and the new girlfriend is going to stay in the house and said she would make the mortgage payments. My question is how can I get my name removed from the loan in case she decides to quit making payments? I have my own home and a new life now and just want to put this part of my past behind me. Any suggestions are welcome.
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
@Randy E. - as far as I know, a quitclaim deed will release your ownership interest only. It won't change responsibilities of the named borrower. All the financial liability - no ownership!
It's common in divorces and sad to see the poor ex that got the terrible advice to give up their ownership without first getting off of the loan through a proper refinance.