You still have financial responsibility after you remove the name from deed
Some people question about whether they still have financial responsibility after they file for quit claim deed, which means you want to have your name removed from the current property. The answer to it will be no. Even though you want your name removed from the property, you still have to take responsibility to pay your mortgage until it is fulfilled.
Many people confused on this concept. They thought that once they removed their names from the property, or you file a quit claim deed, you no longer carry the mortgage responsibility for it. That is wrong. You still have to pay for the rest of the mortgage, because the name on the mortgage is still on you, and it will carry against your credit score.
It will be too dangerous to file a quit claim deed, the same time to take on the mortgage. Because they won’t relieve you from the financial responsibility; and you don’t have your name for the property. Best advise, get a real estate attorney, or the financial lender to discuss this matter on hand. Or you can file a bankruptcy without carry this financial responsibility. You can work it out, if you find proper channel.