I got a divorce and did a quit of deed on the house we owned. He is now in forclosure on that home. When I went to get credit they tell me that my name is still associated with that home and I am still liable to the mortgage company that he owes. Doesn't of quit of deed relieve me of my debt to the mortgage company?
2007-02-06 11:11:40 · 4 answers · asked by curiouslytryingthis 1 in Business & Finance ➔ Credit
Nope. The quit claim deed changed the TITLE. It doesn't change the mortgage, which is a separate agreement which you made with the mortgage company. You still have to fulfill the terms of the mortgage contract that you signed. That is the only way for you to get out of the mortgage agreement.
What you should have done:
Force the person taking title to a property to refinance it immediately, like the same day, so that they can pay off the old mortgage with your name on it, and they now have a new mortgage in their name only.
2007-02-06 11:15:00 · answer #1 · answered by Lisa A 7 · 0⤊ 0⤋
Unfortunately, the quit claim deed does NOT relieve you of the financial responsibility. I went through a divorce and I was awarded the house, I had to get my husband to file the quit claim deed and then I contacted the mortgage company and had them remove my ex-husband. You really need to contact the mortgage company yourself and explain the situation. Was your divorce uncontested or contested? Was your husband awarded the house and debt or just the house while the debt remained joint? If he was awarded the debt as well you can go after him for being in contempt of court. I have worked in banking for several years as well as in mortgage loan origination. This is a very serious matter that can negatively affect your credit for years, a foreclosure on your credit report will keep you from getting all types of credit, most importantly, it can keep you from qualifying for a home loan for years. If there is anyway you can afford it, you should consult an attorney but at the very least, get in contact with the mortgage company immediately!
2007-02-06 11:18:36 · answer #2 · answered by Baby xinh 9x 2 · 0⤊ 0⤋
Signing the quit claim deed simply tookk your name off of the title, not the mortgage. This should have been approved with the mortgage company because he would have to be approved for a mortgage to have it only in his name. You may have some legal recourse though. Since your name was not removed from the mortgage, you may have some claim to the property. You will want to contact the lender, and your lawyer. The lender may allow you to come current on the mortgage and take the property, and your lawyer may be able to remove you from the mortgage depending on the original papers. Good Luck
2007-02-06 11:23:23 · answer #3 · answered by Ron B 3 · 0⤊ 0⤋
The lien continues to be on the resources and no shopper ought to purchase it with out that lien (and any others) being cleared at final. you ought to contact the lien holder and ask for a "partial deed of launch" while they get a number of their funds yet not all of it. now and again they do it, extremely once you've yet another piece of resources to position yet another lien on.
2016-12-03 19:55:51 · answer #4 · answered by laranjeira 4 · 0⤊ 0⤋