What is a quit claim deed? When is it appropriate to use? Often times a quit claim is used in divorce to separate property rights and liability, unfortunately it doesn’t always work like that. A quit claim quits your claim or ownership in the property. However, in the mortgage holders eyes, it does not end your liability to the mortgage. Often times the mortgage holder will require that the individual party qualify for the entire mortgage on their own. Basically, making the grantee refinance into the property.
It’s very important to understand there are two different elements in own title on home ownership one is the deed and one is the mortgage. By signing off of the deed, you are NOT signing off the mortgage. That mortgage will still show up on your credit and you will be held liable for it until you are completely removed from the mortgage. This may pose a problem for someone who has a divorcee that has left the area. A quit claim and a clear divorce decree can typically get the dissolution handled, but it makes matters more difficult. Just be sure you are clear of your long term intentions.
For more valuable information about Real Estate in Roseville And Rocklin please check out these other related posts: Actual Days on Market, Absorption Rate,Roseville And Rocklin Real Estate Scoop July-August, Zillow’s Zestimate, Can I make an offer contingent on the sale of my current home?