Legal Question in Real Estate Law in Florida

Quit deed claim REQUIRED for partial loan assumption?

Am I required to sign a quit claim deed when my ex takes a formal assumption on the main mortgage ($230,000) of our jointly owned house in Maitland, FL, even though there is a secondary loan (76,000) on the house in both our names as well? The value of the house is now less than the total of the two loans, so she is unable to remove me from the second mortgage at this time, but agrees to continue to pay on her own. I feel nervous about signing any quit claim on the deed if I am still on the hook for that second loan. Please advise.

Thanks


Asked on 4/08/09, 7:05 pm

2 Answers from Attorneys
David Slater David P. Slater, Esq.

Re: Quit deed claim REQUIRED for partial loan assumption?

An assumption does not automatically relieve you of responsiblity to the lender.

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Answered on 4/09/09, 2:00 pm
Brent Rose The Orsini & Rose Law Firm

Re: Quit deed claim REQUIRED for partial loan assumption?

I'd be nervous, too. If you give her the quit-claim deed, you've given up the asset, yet you'll still be stuck on the second mortgage. In other words, you'll still have some bad, she'll have all the good (the house).

On the other hand, if your marital settlement agreement or divorce judgment compels you to sign the quit-claim, you are in a bad spot, and I'm not going to advise you to violate a court order.

I'd speak to a family lawyer or real estate lawyer before proceeding further.

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Answered on 4/08/09, 8:01 pm


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