Legal Question in Family Law in Kentucky

If I were to sign a quick claim deed form over to my spouse. Would that take the house payment off of my credit report because it's hurting my credit.


Asked on 9/28/11, 1:39 pm

3 Answers from Attorneys

Andrea Welker Welker Law Office

No. He would need to refinance to remove you from liability for the mortgage.

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Answered on 9/28/11, 2:26 pm
Gregory Napier Troutman & Napier, PLLC

No it would not. The type of deed is actually called a "quitclaim deed". You are "quitting" your claim to the property. There are three types of documents involved in a real estate transaction: 1) the deed which grants ownership, 2) the promissory note that creates a loan obligation, and 3) a mortgage which is a type of lien that says the lendor can come take the real estate if the promissory note is defaulted upon. A quitclaim deed only impacts title/ownership and it has nothing to do with obligation arising from the promissory note.

So, the promissory note creates a personal obligation against the signer of the note and the mortgage ties the loan obligation to the land. In your situation, you want to terminate your personal obligation of the promissory note (loan). That can only be done if the lendor voluntarily releases you, which they rarely do, by sale of the house, or refinancing the loan.

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Answered on 9/29/11, 6:50 am


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