Profile picture for wmgwilson1965

applying for a mortgage and signing quick claim deed for ex wife at the divorce.

I have just completed a divorce and signed a quick claim deed. Am I going to be able to qualify for a home loan or will I have to wait until she gets the financing in her name for the property. I checked my credit score while we were married and I have a 731. She said something about getting a new social security. I can put 20% down on a mortgage. Here is the best place to get a mortgage?    
  • March 23 - Campbell
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Answers (5)

Profile picture for wmgwilson1965
Yes, I did have lawyer. Yes he was worthless. The lawyer, I had before him was a bias bi***. She only took me for $2500. 
 The house has been appraised for more than what is owed on the mortgage. She has a good job and wants to keep the house. She is just getting her name changed, I know she won't be getting a new ss# number. The house was a rent property and is still set up as one. She has her older daughter living with her. 
Is it possible to do anything after my stoopidity of signing the deed? If she can't get financed for the mortgage. What does that do for her credit? Applying for a loan and not getting it?  Her credit score should be about the same as mine and mine is in the mid 700 range.
Any information I can get, I'm sure it will help. I will be adding another page in the book of hard knocks.
Thank you.
  • March 24
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You would have signed the deed at the closing of the refinance provided she CAN refinance. If your mortgage amount is more than what the property appraises out for you will have a problem. All the other posters are correct you did not remove the mortgage debt when you signed the quit claim deed.. my guess is you did not use an attorney for your divorce you might want to consult one now.
  • March 23
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Profile picture for wetdawgs
Argh, I agree with the others. Never sign a quit claim deed until the ex is in the absolutely last step of getting the financing in her own name.      Signing a quit claim deed means you've given up all rights to the house, but still owe  the mortgage.

  • March 23
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I am not sure what your agreement with your ex-wife is, but for your sake she needs to get the financing put in her name only (likely will need to refinance).  Until your name comes off the mortgage it will always show up on your credit.  Unless you can qualify for a second loan you will be stuck.

She can't get a new Social Security Number, but she can change the name on her current one.  It won't solve any problems if she has bad credit.

Doing the Quit Claim did not relieve you of the mortgage.
  • March 23
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Profile picture for Outer Banks N C
In my opinion you did a not so smart thing. I am curious why you signed a "Quit Claim" deed that removes your name from being an owner of the property that you are on the mortgage for? That is silly. The deed shows who owns the property - 100% of it now is owned by your ex, yet you still are on the hook for the loan and paying it. You need to refinance or sell the property to remove your name from the loan and then you can get your own loan. Now it will look as though you still owe the loan that is in both your names. If your ex sold it now you would get nothing or if she stopped making payments your credit will also suffer.
  • March 23
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