Quick clean deep. Giving your ex-spouse your home. It's so important to realize that it doesn't affect your actual mortgage. And if you're not careful, you could still be on the hook for mortgage payments. I'm Elise Glink, here's today's real estate minute. I often hear from people who, in the course of finalizing a divorce, follow a judge's order to sign over their ownership interest in a property to their ex-spouse. In some cases, the divorce decree simply provides for the parties to transfer the title from one to another without regard to the loan secured by the mortgage on the property. When the spouse keeping the home doesn't refinance, the ex-spouse who no longer owns the home still remains on the loan. But the lender doesn't really care about the divorce and who was awarded the property. The lender only cares about who signed the loan documents and who's gonna pay the bill each month. Somebody in this position should refuse to sign the quitclaim deed until his or her ex-spouse refinances the property into his or her name alone. If he or she can't afford to do that, then the property should be sold with profits divided equitably according to the terms of the divorce. Unfortunately, there's little to be done to change the terms of the loan once the quitclaim deed has actually been signed. And that is super important to understand. Remember, read twice, sign once. Be sure to consult with a real estate attorney who can help advise you of your legal options. I'm Elise Glink. If you want to learn more about investing in real estate, you should check out my intentional investor series, "How to be Wildly Successful in Real Estate". You can find it at thinkglinkstore.com and use the discount code "buynow" to...
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Quit Claim Deed Colorado divorce Form: What You Should Know
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