Legal Question in Real Estate Law in Virginia

getting wife's name off loan

My wife and I are getting a divorce. She left me a couple of months ago. We own a house together which I would like to keep. I need to pay her the amount of money that she would get if we sold it. Is the only way to keep the house is to refinance with the cash out option to pay her off? What does a quit claim deed do. I know it takes her name off the loan, but would it stay on her credit report. Are there any other options?


Asked on 4/20/04, 11:09 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: getting wife's name off loan

A quit claim deed is like any other deed, except there are no warranties of title. It is standard in these situations. The only way to get her off the mortgage is to refinance it in your name only (after or concurrently with the deed), paying off the old mortgage. The new one will not go on her credit, and the old one will show as paid off.

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Answered on 4/20/04, 11:33 am


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