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Divorce - A Quitclaim Deed Does Not Release You From Obligation On The Loan
It's a common misconception that if "I give her/him the house" you are done with the responsibility for the loan.
If you are signed on the loan, the lender will hold you responsible for the payments whether you have an ownership interest or not. "Giving the house" is often referred to as a "quitclaim". In a quitclaim deed, you are resigning from ownership of the house, but it doesn't take you off the loan. It is sometimes erroneously called a quickclaim deed.
The lender wants to keep everyone on the hook for the loan payments
The lender got you and your spouse to personally guarantee the payments, and they don't care if you're divorcing. All the future performance on that loan will follow you until that loan is paid off. The house either needs to get sold or the other spouse needs to refinance the loan into his/her name.
Your credit will continue to be impacted if the "in the house spouse" misses payments or if the house goes into foreclosure.
Sever those bonds to the mortgage!
Be extremely cautious of of divorce agreements that leave you on the loan, especially if the payment is realistically too high to handle.
If ... more

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