suthco said:
I've been legally divorced for five years. It is in my divorce decree that I've relinquished all ownership and responsibility to the house. She now wants to get a second morgage, and is asking me to sign a quit claim deed, which was never done initially. Is this necessary?
If so, can it be done by mail, via a notary public?
My response:
Fortunately, your question doesn't require a State name in order to respond.
In response to your questions, yes and yes. Be aware, however, that a Quit Claim Deed only affects your right of entry to the property, or your responsibility for it "directly to her". However, it does nothing to remove your liability to the Mortgagor because your name still appears on the original contract for the first mortgage. In the event of her default, the bank is still going to go after you and your credit.
The answer, of course, is to tell her that she doesn't need to obtain a "Second" - - all she needs to do in order to get the money she needs is to "refinance" the First mortgage, and get her money that way. It also accomplishes getting your name off of the previous First mortgage contract - - so, if she defaults, it's on her shoulders, and not yours.
Good luck to you.
IAAL
