2007-07-30 05:25:09 · 10 answers · asked by delmira g 1 in Family & Relationships ➔ Marriage & Divorce
Doing a quitclaim only removes your name from the title, not the mortgage. So you will have no legal interest in the property, but will still be responsible for the payment. So, if he doesn’t pay, it will ruin your credit too and in the event of a foreclosure, the mortgage company will seek a judgment against *both* of you for their loss.
The mortgage company will not remove your name based on the divorce decree, because they were not a party to your divorce and therefore are not bound by it. The only way to get your name off the loan is for him to refinance. You should have requested that the judge order him to refinance the loan within a certain time period. Didn’t you have an attorney? Your attorney should have advised you of this.
2007-07-30 05:42:14 · answer #1 · answered by kp 7 · 2⤊ 0⤋
The loan must be paid off (usually through refinancing) or the bank must release you from the obligation! Unless the divorce decree says that he has to refinance the home, there is no way you can force him to. The bank is not going to release you from the mortgage, they have no reason to. If he does not make the payments, they can come after you!
You can ask your Ex to refinance the house in his own name, but he may not be willing to do so. If he can not get the same or lower interest rate, you will most likely have to pay him the difference in cash for him to even consider doing so, along with you paying all the costs of refinancing!
Check your divorce decree and see if he is required to remove your name form the mortgage. If not, you are stuck!
2007-07-30 05:34:19 · answer #2 · answered by fire4511 7 · 1⤊ 0⤋
You should see an attorney. It should have been taken care of in the divorce. However, It is not too late to get things straightened out. If he wants to keep the house he will get you off the loan. Otherwise he will need to sell it to satisfy the loan, and if there are any profits split them with you! An attorney will get all of it straight for you!
2007-07-30 05:32:17 · answer #3 · answered by Moody Red 6 · 0⤊ 1⤋
Unless u have a paper stating u are not responsible for the debt of the house u will be on the paper work till the mortgage is paid off. u can call the mortgage company and explain u dont want to be on but that will be about it...
2007-07-30 05:31:38 · answer #4 · answered by THE UK WILDCAT FAMILY 10 6 · 1⤊ 1⤋
See a lawyer too complicated. First you cannot just get off the deed. If you have your divorce papers thats a start. If she is being cooperative then you can go to the bank together and get your name off if not good luck with the lawyer
i am a banker
2007-07-30 05:37:48 · answer #5 · answered by Anonymous · 0⤊ 2⤋
Should have been addressed as part of the property settlement; usually "he" is required to refi, pay you whatever you have coming if anything, and then you quit claim your interest to him.
Should have a talk with your atty
2007-07-30 05:29:29 · answer #6 · answered by wizjp 7 · 1⤊ 0⤋
When things like this happen you need to go back to your lawyer.
This is a legal matter and if you don't know what you're doing you can get screwed.
2007-07-30 05:29:19 · answer #7 · answered by daljack -a girl 7 · 1⤊ 0⤋
Well when I got a divorce from my ex we just bought a house a yr before we got a divorce after that. I left and left him the house his mother went and got my name off of it. Plus used my SS# to open up accounts under my name. Well needless to say my ex husband couldnt afford the house notes and it went foreclosurer and up for auction and he just found out that now he owes the Bank over $30,000. yep his mom screwed him bad by taking my name off. HAHA....
You will have to do a quick claim to get your name removed from the house.
2007-07-30 05:30:19 · answer #8 · answered by Anonymous · 0⤊ 4⤋
he needs to refinance the house, and you need to file a quit claim deed. if he is not willing to do this, you will have to argue it thru court. the house will either be sold, or he will have to give you a certain $ for the amount of half or whatever is agreed upon
2007-07-30 05:44:07 · answer #9 · answered by me123 3 · 0⤊ 2⤋
It happens thats LIFE
2007-07-30 05:36:44 · answer #10 · answered by Anonymous · 0⤊ 0⤋