Quick Claims Deed In A Divorce
I divorced my ex back in 93 and droped my lawer and used hers to save money.(I KNOW REAL STUPPID) At the end of it all she got everything including me having to quickclaim the house over,it does not mention anything about the mortgage,though we both are still on it. I went to refinance my present home and found out i can not because she has made my credit real bad by not paying the mortgage on time(11 times real late).I tryed to talk to mortgage com. to get my name of but said they can not just put her name on because her credit is also no good.do i have grounds threw an attoney to get my name off with out being liable for that mortgage.PLEASE HELP. :-x
[ Edited by sdrd42 on Date 04/02/2004 ][ Edited by sdrd42 on Date 04/02/2004 ]
Man - you NEED an attorney in the worst way.
C- :-o
A quit claim deed removes your name from a deed not the mortgage. I Went through the same thing but as a condition of my divorce she had to secure a refinance on the home with out my name or credt being involved. This is where you are
If she sells the property you are not entitled to a thing because you are not on the deed.
If she defaults on the loan however they will an I repeat will come after you.
Pardon the pun but BEND OVER
Most divorce refi's that I've seen usually give the spouse a time limit to refinance or the house is to be sold.
Since that was not the case. You have no legal recouse (This is from my experience with Pa. laws only). But you should get legal advise. I think you should put a statement on your credit regarding this situation. Most banks take into consideration what the consumer has proof of. If you have this statement attached to the credit it would be in your favor.
Also most subprime banks would allow you to get a mortgage if your primary residence now has never been late. Your name will not come off of that mortgage until it is paid off.
Lori
[addsig]
Antother example of save a cent to loose a dollar. NEVER use a common attorney in a conflict of intrest case. If you did pay the attorney then you may have grounds to go after him for this biased structure. You may consider contacting DOJ or the State Bar and see if they can do something. He and you should have never worked together - for both of your sakes.
Here' s the facts. You and your ex-wife took out a mortgage to buy a house. The mortgage/note was the security for the loan. You became financially liable for the debt. That did not change because of the divorce. You are still on the mortgage.
You deeded your interest in the property to your ex-wife. You relinquised what ever ownership interest you had in the property. That still did not change the fact that you are still on the mortgage.
Now, 11/12 years later you are contemplating sueing an attorney who you voluntarily allowed to represent both parties???? Save your money.
My advice is to make sure that all your other debts are paid in a timely manner. Include an explanation regarding this problem to your credit report at all three credit bureaus.
I divorced my ex back in 93 and droped my lawer and used hers to save money.(I KNOW REAL STUPPID) At the end of it all she got everything including me having to quickclaim the house over,it does not mention anything about the mortgage,though we both are still on it. I went to refinance my present home and found out i can not because she has made my credit real bad by not paying the mortgage on time(11 times real late).I tryed to talk to mortgage com. to get my name of but said they can not just put her name on because her credit is also no good.do i have grounds threw an attoney to get my name off with out being liable for that mortgage.PLEASE HELP. :-x can I sue ex for definition(not sure of the right word to use) of character (ruining my credit)?
<font size=-1>[ Edited by sdrd42 on Date 04/02/2004 ]</font>
I'd go to the exwifes mortgage holder and act very contrite, say you didn't know about the situation. Ask about the pay-off amount. Then I'd say, 'Gee that's a lot of money for me to pay for a house I don't own. How about you sell me the note, then I can deal with my ex to get it paid." Since you are a principal on the note they are very likely to do this. Then the next time the ex is late I'd foreclose her ass. Since you are the holder of the note you can report to the credit bureau that your payments are made in a timely fashion.
Worst case, you can make her pay you off. I assume after 12 years plus that there is substantial equity in the house.[ Edited by commercialking on Date 04/05/2004 ]
Quote:
On 2004-04-05 10:07, commercialking wrote:
I'd go to the exwifes mortgage holder and act very contrite, say you didn't know about the situation. Ask about the pay-off amount. Then I'd say, 'Gee that's a lot of money for me to pay for a house I don't own. How about you sell me the note, then I can deal with my ex to get it paid." Since you are a principal on the note they are very likely to do this. Then the next time the ex is late I'd foreclose her ass. Since you are the holder of the note you can report to the credit bureau that your payments are made in a timely fashion.
Worst case, you can make her pay you off. I assume after 12 years plus that there is substantial equity in the house.
[ Edited by commercialking on Date 04/05/2004 ]
Ooh that's a good thought. You may be in a pickel though, lenders don't like to reduce the mortgage for a person on it (however to ask would not hurt given your situation). It may only be possible to have a close friend buy the note after you give authorization to review it. I think you would both have to sign a quit claim or warranty deed to sell out - good luck on that.[ Edited by Investor007 on Date 04/05/2004 ]
Don't ask them to discount, again, after 12 years of even slow payments there should be a substantial reduction in principal, i.e. equity galore.