If divorcing a spouse or marrying a new one, you may complete a quitclaim deed to modify the home title. But before moving forward by changing the ownership status of your house, it's important to understand that quitclaim deeds have no impact on mortgage loans.
Definition
A quitclaim deed is a legal form used to add or remove someone's name from titled property. Altering a mortgage deed isn't as simple as notifying a title company and making a request over the telephone. Rather, the title company will require both parties to meet at the company's office and fill out a quitclaim deed. Information requested on quitclaim deeds includes the property's description and address. Someone can sign a quitclaim deed to transfer his ownership rights, and the title company then prepares a new title with the sole owner's name only.
Quitclaims and Mortgage Loans
It's vitally important to understand that quitclaim deeds only remove or add a person's name to the mortgage deed. This legal form eliminates someone's ownership of a property or gives the person rights to the property. Mortgage deeds are separate from mortgage loans, and removing someone's name from a deed doesn't automatically take their name off the home loan. Likewise, you can add someone to the mortgage title, but this doesn't mean they're responsible for the mortgage debt.
Refinancing a Mortgage
If you want to remove or add someone's name to a mortgage loan, you will need to apply for a new mortgage with your lender or another lending company. An easy approach would be to contact your lender and request the addition of this person's name. However, mortgage companies do not make adjustments to mortgage agreements once documents are signed. Changing the mortgage involves creating a new home loan, and this involves refinancing or applying for new financing.
Considerations
In the case of spouses divorcing, removing someone's name from the home loan is much harder than taking the name off the mortgage deed. Mortgage lenders are particular about removing names, and if you and your spouse purchased the house with combined incomes, qualifying for the house on your own can prove difficult. A refinancing will ask for your yearly earnings, and the lender will review your debt-to-income ratio (how much of your income you spend on debt payments). In the event that a lender decides you can't afford the mortgage payment on your own, they will not refinance the mortgage, nor remove your ex-spouse's name from the loan.
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