What if I am leaving the home due to divorce?

The Sandon Group




When going through an imminent divorce there are many questions to be asking, particularly surrounding your home.



If you are the one leaving the home, it is important to know that even though the divorce decree may state that your spouse was awarded the home and assumed it's financial obligations, you are still obligated for this debt in the eyes of the mortgage company and the credit bureaus.



Many people, and even some family law attorney's, mistakenly assume that by filing a Quit Claim Deed removing you from the title, that you will no longer be responsible for the mortgage. A Quit Claim Deed only eliminates your name from the title of the property, but not from the mortgage loan.

In our business, we have unfortunately seen first hand the damage this mistaken belief can do to a persons credit and finances.



See my blog "How divorce impacts your credit and what you can do about it"