Release of Mortgage without Warranty

[lunawolfe]

State: Florida
Ex declared bankruptcy - I quick claimed first mortgage to get him off it and continued paying on 2nd with both our names on it. I noticed the 2nd was just taken off my credit report a month ago. I went in clerk of court records and saw the bank filed a Release of Mortgage without Warranty. I didn't receive any notice in the mail or a call - which I'm guessing is bc ex had this listed in his bankruptcy. So what does this mean for me? I understand release of mortgage but what does 'without warranty' mean. Will I even get anything in writing or is it enough that it's filed with the clerk?

 

[STEPHAN]

In case you mean quitclaim, how would you "quick claimed first mortgage"?

 

[FlyingRon]

The word is "quitclaim." You can't quitclaim a "mortgage." You can quitclaim your interest in the property which is foolish because it doesn't get you out of the mortgage. Your ex's bankruptcy doesn't get you out of anything. If they file bankruptcy and you're still subject to the loan, it's 100% on you.

 

[Just Blue]

State: Florida
Ex declared bankruptcy - I quick claimed first mortgage to get him off it and continued paying on 2nd with both our names on it. I noticed the 2nd was just taken off my credit report a month ago. I went in clerk of court records and saw the bank filed a Release of Mortgage without Warranty. I didn't receive any notice in the mail or a call - which I'm guessing is bc ex had this listed in his bankruptcy. So what does this mean for me? I understand release of mortgage but what does 'without warranty' mean. Will I even get anything in writing or is it enough that it's filed with the clerk?

Do you mean you refinanced the 1st?

 

[lunawolfe]

ok yes for 1st mortgage got him off the mortgage and refi in my own name. But the bankruptcy included the 2nd mortgage, which is what I am asking about. The record showed release of mortgage without warranty - and am not sure what that means. The recording doc listed both our names.

 

[lunawolfe]

The word is "quitclaim." You can't quitclaim a "mortgage." You can quitclaim your interest in the property which is foolish because it doesn't get you out of the mortgage. Your ex's bankruptcy doesn't get you out of anything. If they file bankruptcy and you're still subject to the loan, it's 100% on you.

I didn't want to get myself off the mortgage just him. Yes the 1st is 100% on me. This record is about the 2nd mortgage he included in the bankruptcy that I was still paying off but now see it says released in both our names - just don't know what 'without warranty' means.

 

[adjusterjack]

I went in clerk of court records and saw the bank filed a Release of Mortgage without Warranty.

Saw what? Saw the docket showing only the title of the document? Saw the document? Bought yourself a copy of the document?

If you didn't get a copy of the complete document, you need to go back and get it. Once you have it and you can read it, you'll probably understand it better.

 

[lunawolfe]

Saw what? Saw the docket showing only the title of the document? Saw the document? Bought yourself a copy of the document?

If you didn't get a copy of the complete document, you need to go back and get it. Once you have it and you can read it, you'll probably understand it better.

I just want to know what Release of Mortgage without Warranty means since there was no warranty deed on that 2nd mortgage that was released. I have the Book and Page number of this release.

 

[quincy]

I just want to know what Release of Mortgage without Warranty means since there was no warranty deed on that 2nd mortgage that was released. I have the Book and Page number of this release.

A warranty determines who holds responsibility should unknown issues arise later. It is a guarantee, in other words, that some issues with property will be covered by the one issuing the warranty. It reduces certain risks for the purchaser of property.

When there is no warranty or when there is a property transfer "without warranty," that means the property transfer comes with greater risks. No promises are made; there are no guarantees.

When property is transferred by quitclaim deed or a deed without warranty, the one transferring the property is saying they are transferring their interest in the property only - and they are not guaranteeing that interest in the property might not be held by another or others.

The release of the mortgage without warranty is saying that only the interest held by the one named on the release is being released or excused from the mortgage obligations. It does not mean that another or others are released from the obligations and are not still held responsible for the mortgage.

You say you are named on the release. I suspect that your name only appears as one who is jointly responsible for the mortgage debt - and does not release you from the obligation that has released your ex due to his bankruptcy. Joint owners who are not released from their responsibility through their own bankruptcy are generally still obligated.

You need to determine why and how your name appears on the release.

 

[adjusterjack]

I have the Book and Page number of this release.

But you don't have the document itself, right?

 

[quincy]

The release needs to be read in its entirety. "Without warranty" means that the release has not guaranteed that the second mortgage loan is wiped out, only that the one filing bankruptcy has been (arguably) released from their responsibility.

 

[lunawolfe]

A warranty determines who holds responsibility should unknown issues arise later. It is a guarantee, in other words, that some issues with property will be covered by the one issuing the warranty. It reduces certain risks for the purchaser of property.

When there is no warranty or when there is a property transfer "without warranty," that means the property transfer comes with greater risks. No promises are made; there are no guarantees.

When property is transferred by quitclaim deed or a deed without warranty, the one transferring the property is saying they are transferring their interest in the property only - and they are not guaranteeing that interest in the property might not be held by another or others.

The release of the mortgage without warranty is saying that only the interest held by the one named on the release is being released or excused from the mortgage obligations. It does not mean that another or others are released from the obligations and are not still held responsible for the mortgage.

You say you are named on the release. I suspect that your name only appears as one who is jointly responsible for the mortgage debt - and does not release you from the obligation that has released your ex due to his bankruptcy. Joint owners who are not released from their responsibility through their own bankruptcy are generally still obligated.

You need to determine why and how your name appears on the release.

thank you so much for this explanation! It makes sense. I'm going to call a real estate lawyer and go through it with him. Since it's HIS bankruptcy but the 2nd was under both our names it was surprising that they added both ours on the release. Thank you so much!

 

[lunawolfe]

But you don't have the document itself, right?

I have it printed

 

[adjusterjack]

I have it printed

Good. A review by your attorney should explain everything.

 

[quincy]

thank you so much for this explanation! It makes sense. I'm going to call a real estate lawyer and go through it with him. Since it's HIS bankruptcy but the 2nd was under both our names it was surprising that they added both ours on the release. Thank you so much!

I think having the release personally reviewed by a real estate lawyer is a good idea.

Thanks for the thanks, lunawolfe.

Good luck