Posted on: 10th Oct, 2010 06:38 pm
My ex husband and I still are owners of our California home. We are in arrears for over a year and have been trying to short sell it for a year, but to no avail. We have been divorced for 3 months and have moved on to different states leaving out realtor to continue to short sale. I want to get on with my new life and do not want to be connected to him in anyway. Can I transfer the property into his name only? And if so, what will happens with the mortgage that we are co-borrowers on? Will I still be responible for it? I do not have a job and haven't had one for over 3 years now (the reason we got behind in the first place), will that make a difference or are we just better off telling the realtor to just let it be forclosed on, and letting the chips fall where they man?
Hi creeheart,
You can quitclaim the property to your ex-husband but this won't remove your name from the mortgage. As you're a co-borrower of the loan, the lender will come after you for the mortgage payments. Whether the lender forecloses the property or goes for a short sale, it'll have a negative affect on your credit report.
Thanks
You can quitclaim the property to your ex-husband but this won't remove your name from the mortgage. As you're a co-borrower of the loan, the lender will come after you for the mortgage payments. Whether the lender forecloses the property or goes for a short sale, it'll have a negative affect on your credit report.
Thanks