You can quit claim your interest in a property but you will still be responsible for making the mortgage payments. Bob Bruss has another question along these lines (available for a few days only).
A common variation of this question is the ex-husband who quit claimed his interest in the family home to his ex-wife but didn’t realize he was still on the hook for the mortgage payments.
Then some time in the future when the ex-wife doesn’t keep up the payments, the ex-husband is very confused as to why the lender is coming after him for the mortgage payments even though he doesn’t own any part of the house. His credit rating may be ruined and he may have difficulty getting a home loan of his own.
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