Will a quit claim deed allow me to keep my home without refinancing?
Question Details: My adult son and I are disabled but do not receive disability. My husband has agreed on a reasonable alimony and healthcare for us and he's giving me the house. I can pay the mortgage with my alimony but I would not be eligible for a refinance. If he signs quit claim deed will I be able to keep my home without a refinance?
No, you will not. The home may not be transferred without paying off the mortgage: if he tries to transfer it to you without paying the mortgage, the lender could void or undo the transfer as being fraudulent at to them--that is, as depriving them of their recourse to the property in the even of default. The loan needs to be refinanced or paid off.
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