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Asking Too Late |
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Dear Mrs. Lank, My ex-husband and I own a home together.Our divorce agreement stated he would get the house, and would have sole responsibility for it financially, good or bad.I never signed a quit-claim deed.
Now that things are worsening for my ex he is considering selling the property.Since the value of the property has depreciated, the mortgage balance is greater than the anticipated selling price.My ex feels he may just choose bankruptcy instead.
I would like to protect myself financially, and would also like to remain unobligated for repayment of the mortgage.Is a quit claim deed a part of the answer?How can I learn more? |
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I can tell you more, but it won't help.
You should have asked questions before you were divorced, when something could have been done to protect you: either the sale of the house, or payoff of the old loan and refinance in your husband’s name alone.Or, if he could qualify, the lender might have released you from liability.
The news is not good.You once promised to be responsible for that mortgage debt, and you still are.Signing over your half of the ownership, with a quit-claim deed, wouldn’t change that.Neither does a divorce decree; the lender doesn't have to obey it.
Bankruptcy, by the way, doesn’t cancel a mortgage debt.Perhaps what your ex is considering is letting the property go to foreclosure. In any event, no harm in talking with a lawyer who specializes in real estate, to see if there’s anything you can do.I’m not optimistic. |
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Edith
Originally published on February 6, 2006 |
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