Signing a Quitclaim deed/ Mortgage what are the repercussions?

UPDATED: Oct 2, 2022

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Signing a Quitclaim deed/ Mortgage what are the repercussions?

My ex-wife and I own a home and we are both on the deed/mortgage. I do not reside in the home. It has been brought to my attention that she is 4 months late on the mortgage. I’m assuming the home will go into foreclosure soon as she doesn’t have the means to refinance. Would it be wise to sign a quitclaim deed in this situation?

Asked on August 9, 2019 under Real Estate Law, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Being on the mortgage means that you are responsible for paying it even if you quitclaim your interest in the home to someone else. The mortgage is a contract among you, your co-borrower (ex-wife) and the bank, and you cannot get out of your contractual obligations to the bank by quitclaiming your insterest. If you do that, you  will still owe the money on the mortgage but now will no longer own the home and so will have nothing of value for the mortgage.
What you want to do is to bring a kind of lawsuit called an action "for partition" to get a court order forcing or requiring the sale of the house: courts can order real estate to be sold when the owners disagree about what to do with it. The proceeds of the sale will go to the mortgage; then anything left over will be split between you and your ex. Talk to a real estate attorney about this option.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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