quitclaim deed

[toddf207]

My wife and I were divorced a couple years ago. We each awarded one of the two properties we owned. However, I was ordered to pay half of the mortgage on her property within 5 years. Recently she wanted to take out a loan, so in order to not have me involved we did quitclaim deeds on both of the properties. Does that free me of my obligation to pay half of her mortgage?

 

[momma_2_four]

The court order stands regardless if you signed a quit claim. The quit claim ONLY removes your name from the property title. It does not just remove your name from the current mortgage and it certainly does not override any court orders. If there is still a mortgage, she would need to apply for a new mortgage in her name only and be approved, before the mortgage with your name included is closed.

 

[Mona]

I just read this. My husband and I are on the other end of a story like this. We bought a house from the bankruptcy court where a couple filed divorced and filed bankruptcy. We payed and received a quickclaim deed. What does that mean for us? What does a quickclaim deed mean if we want to now sale this property?

 

[army judge]

It's a Quit Claim deed. They aren't warranted or guaranteed free of liens or clouded (disputed) titles.
What do they mean?
Generally, lenders won't finance quitclaim deeded properties. The titles aren't secured or warranted free of defect, liens, or disputes.
Quitclaim deeds should be avoided, unless you know the seller.
In your case, those deeds often allow the former owner (or their heirs) to return, cure their defect, and reclaim title (ownership) to their property. Do they? Sometimes. I advise my clients to avoid quitclaim deeded properties. If its cheap, there is usually a reason. If banks don't want to finance them, there's a very good reason(s).