Legal Question in Real Estate Law in Georgia
quit claim deed and refinancing
My spouse & I got divorced in 2006 and I did a quit claim deed to give him the house. My name was originally on the mortgage. He turned around and went to refinance and no one would do it without my name being on it again. I am now the lead name on the mortgage. Does this give me any rights concerning what is done with the property as to the rental of it as well as using the deed as a property bond?
1 Answer from Attorneys
Re: quit claim deed and refinancing
Being an obligor on the note/mortage just means you owe the money, not that you own the property or have rights over how it is used. Signing over ownership of the property without getting out of the debt usually means you owe all of the money, and have no ownership interest or rights. Moreover, it likely violates the terms of the loan and the lender may be able to call it all due now. It is usually a bad idea to do it, especially when it is an ex-spouse who may have little incentive to protect you.
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