Posted on: 11th Dec, 2007 06:12 am
In 1997 I was divorced and my wife was awarded the house, later I did a quitclaim form . Why I am liable for this debt? If she sold the house I would not be entitle to any proceeds, right? How can I get this debt of my credit report? Bankruptcy? Would that free her of the debt? Please help.
There are 2 components to owning a house: title to the property, and liability on the loan. You may have deeded her your interest in the property, but that does not release you from liability on the loan.
You must contact the mortgage company and do what it takes to get you off the mortgage, usually by by having your wife assume the full mortgage with their permission.
Even then, any action will take 7 years from that date to get off your credit history.
You must contact the mortgage company and do what it takes to get you off the mortgage, usually by by having your wife assume the full mortgage with their permission.
Even then, any action will take 7 years from that date to get off your credit history.
hi spider_murph,
welcome to this forum.
i agree with taylor above. you have quitclaimed the property to your wife but that does not release your financial responsibility. you should have asked your wife to refinance before you sign the quitclaim deed to remove your name from the mortgage.
mortgage assumption is a good option but for that you need to take the lender's consent.
thanks,
larry
welcome to this forum.
i agree with taylor above. you have quitclaimed the property to your wife but that does not release your financial responsibility. you should have asked your wife to refinance before you sign the quitclaim deed to remove your name from the mortgage.
mortgage assumption is a good option but for that you need to take the lender's consent.
thanks,
larry
in your divorce, you were likely represented by counsel. said counsel should have worked on your behalf to ensure that you would be absolved of obligation on that mortgage.
as long as she is paying the monthly tab, having it appear on your credit report is not necessarily a bad thing. a new creditor would want to be certain that your obligation had been terminated. see your divorce decree - it should be cited in there.
bankruptcy is not an option.
as long as she is paying the monthly tab, having it appear on your credit report is not necessarily a bad thing. a new creditor would want to be certain that your obligation had been terminated. see your divorce decree - it should be cited in there.
bankruptcy is not an option.