Quitclaim Questions

[Punkin2472]

What is the name of your state? Illinois

My boyfriend and his ex-girlfriend bought a house together. Now he and I are looking to move out and she has finally agreed to "buy" him out. I thought she meant by refinancing altogether but it turns out she and her parents have created a "deal" of having my boyfriend sign a quitclaim deed and paying him themselves in installments. (he hasn't signed anything yet) I do not trust these people at all and I want to know if I am correct in that the quitclaim will take him off of the deed but not the mortgage, right? We need to investigate this further because I don't want this to come back to bite us when we are ready to buy a house. Are there any options to get his name off of the mortgage other than her refinancing? Any help would be greatly appreciated.

 

[seniorjudge]

"I want to know if I am correct in that the quitclaim will take him off of the deed but not the mortgage, right?"

Yes.


"Are there any options to get his name off of the mortgage other than her refinancing?"

Yes, by paying it off.

 

[dawnranae]

I have been told the ONLY other way to get his name off the mortgage is to file for a partition action which requires an attorney. That will force her to refinance or sell the property. I was advised by an attorney to NOT sign a quit claim deed. This would give her the power to get a second, third etc... mortgage and equity loans without his signature. Also he would be relinquishing any rights to the property. If his name stays on the mortgage for say 15 years and THEN she sells... he would get nothing. Also if she is late on payments, it will show on his credit and more than likely you will not qualify to get a home together with him as long as he has this obligation. I would NOT trust these people either and my advice is to find an attorney IF you can afford it. Hope this helps

 

[nextwife]

Simply put, she doesn't get a QC deed from you unless and until you attend a refinance closing or the mortgage is paid off in full. These can be done simultaneously. Or the place gets sold. If you make it clear you want this mortgage GONE, and the ONLY way you are willing to deed your interest is at either a refi or sale closing., you MAY not need a partition action. First try to work it out. But let her know that IF the mortgage remains, you will not deed out.