Name still on mortage despite quit claim deed

[Yanmar]

What is the name of your state? Alabama

I divorced over 1 1/2 ago. At that time I signed a quit claim deed on the house my ex and I had bought together. I recently received a credit report and it shows me still having my name on the mortgage. What are the liabilities and how will this affect me if I choose to purchase

 

[I AM ALWAYS LIABLE]

What is the name of your state? Alabama

I divorced over 1 1/2 ago. At that time I signed a quit claim deed on the house my ex and I had bought together. I recently received a credit report and it shows me still having my name on the mortgage. What are the liabilities and how will this affect me if I choose to purchase

My response:

Basically, you messed up. Because you signed the Quit Claim Deed, and presuming that she had the new Deed recorded, you no longer have any interests in the property; e.g., you no longer have a right of entry, or anything else to do with the property. However, the Quit Claim Deed does NOT take your name off of the mortgage contract; so, you're still on the hook for the mortgage payments if your ex misses payments or defaults.

Because of that outstanding mortgage loan, you have a "debt load" and because of that, you may not be able to secure another mortgage because your income may not be enough to "support" two mortgages.

You should have required your ex-wife to refinance the current mortgage in order to take your name off the loan contract, and for her to only have her name on the mortgage, and to then simultaneously sign a Quit Claim Deed. Now, unless she voluntarily decides to refinance the mortgage into her own name, there's nothing you can do to compel her to do so. In other words, she can keep you "on the hook" for the life of that mortgage.

IAAL

 

[Yanmar]

Yes I agree I messed up. At the time of the signing I was not in the right state of mind. I did not want the divorce, I was not the one that filed. Papers were pushed in front of me and I was told to sign them. Do I have any recourse what so ever.

 

[LdiJ]

Yes I agree I messed up. At the time of the signing I was not in the right state of mind. I did not want the divorce, I was not the one that filed. Papers were pushed in front of me and I was told to sign them. Do I have any recourse what so ever.

You could talk to a local attorney and see if it would be possible to re-open the property settlement portion of your divorce to attempt to get a judge to order her to refinance the home. However, if she can't qualify for a re-fi on her own..a judge's order wouldn't help you.

 

[Yanmar]

I did talk to an attorney. His advise was basically the same here, there is nothing to compell her to refinance short of a court order. His advise is to (1) contact mortgage company, sending divorce real property settlement and ask to be removed. Chances 5%. (2) Contact Ex and tactfully and with diplomacy if she would refinance. Explaining that this is the only thing tying our lives together and that we both need to move on. If she refuses then explain that I am moving forward and that a trial would be expensive for both parties. Also it would provide for right of deposition and discovery. This would mean that all her financial records, tax returns and business income would be available to determine her ability to refinance. (3) petition the court to reopen the property settlement. Sue for attorney fees, court costs and court order to compel her to refinance or sell the house to remove me from the mortgage.

 

[HomeGuru]

I did talk to an attorney. His advise was basically the same here, there is nothing to compell her to refinance short of a court order. His advise is to (1) contact mortgage company, sending divorce real property settlement and ask to be removed. Chances 5%.

**A: actually, chances are 0%.
********
(2) Contact Ex and tactfully and with diplomacy if she would refinance. Explaining that this is the only thing tying our lives together and that we both need to move on. If she refuses then explain that I am moving forward and that a trial would be expensive for both parties. Also it would provide for right of deposition and discovery. This would mean that all her financial records, tax returns and business income would be available to determine her ability to refinance. (3) petition the court to reopen the property settlement. Sue for attorney fees, court costs and court order to compel her to refinance or sell the house to remove me from the mortgage.

**A: what about #4? Making ex an offa she can't refuse?

 

[Susie39]

Quick claim deed

If I were you, I would contact your attorney. Your husband should have refinanced the property in just his name. You asked what the liabilities are here. A friend of mine did the same thing you did. A year later, he filed bankruptcy and because her name was on the mortgage, they went after her for the $150,000.00 due. Also credit cards that were in existence while they were married were also turned over to her for collection. So if there is anything that is connected with the marriage and it's not taken care properly, you can be held responsible for the debt.