Quit Claim Deed advice needed!!!

**Bulldoglvr** · 02-05-2009, 06:32 PM

First off - I'm in an ugly situation where it's likely I'll be forced into a foreclosure/bankruptcy situation (bought a condo, developer committed fraud, inspector didn't find the problems, HOA is incompetent and is now in dire financial trouble - the place is a lemon).

Basically, the HOA is considering raising HOA dues to well above $300/month and a large special assessment, and this will not even begin to fix the problems (the property needs $1.6M in repairs). Raising the dues will only increase foreclosures (there are currently 15 units out of 108 units in foreclosure). So - it's likely I'll be forced to walk away from this place.

All of that aside - here's my question/problem. My name only is on the mortgage. Both my name and my wife's name are on the deed of trust and the note. In case we have to foreclose - how can I protect my wife's credit from this mess? Will a quit claim deed effectively remove her name and all responsibilities from this mess?

Oh, and this is in Denver, CO

**donrock** · 02-05-2009, 10:55 PM

I'm not up on Colorado law but generally a quit claim transfers a persons interest in a property. It should work for what you want to do unless someone comes after you for some reason and then they could claim she went off to avoid and drag her into it also.

Your best bet is to check with a RE attorney. Join Pre-Paid Legal and get a free consultation.

I sympathize with you on the condo problems. I used to be an appraiser and it seemed like just about every condo project has some of the same problems as you have.

**Bulldoglvr** · 02-06-2009, 05:54 PM

Thanks. It sucks, that's for sure.

All I want to do is get her name off of the deed in trust and the note - so if/when I foreclose she isn't affected by it.

Common sense tells me that if her name is removed, then shortly after the property goes into foreclosure - they'll still come after her - or I can get in some sort of fraud trouble.

I have an appointment next week with a mortgage expert - a strongly recommended one - so we'll see what he says.