Posted on: 17th Mar, 2010 01:24 pm
I am not on the LOAN, but on the DEED. Getting divorced... House is up for short sale, and we have both been served with foreclosure papers. After either foreclosure or short sale, I know that in FL the bank can still make you OWE money. How do I get myself out of that responsibility? Will a Quit Claim do it? Is it too late to do a Quit Claim because I've already been served with foreclosure? Will I automatically NOT be responsible because my name is not on the Loan? Please help and thank you!
Hi staceyxnyc,
As your name is not mentioned on the mortgage documents, you won't be liable for the loan payments in any way. If the property is foreclosed upon or if it goes for a short sale, the lender won't be able to sue you for the deficient balance resulting from the sale.
Thanks
As your name is not mentioned on the mortgage documents, you won't be liable for the loan payments in any way. If the property is foreclosed upon or if it goes for a short sale, the lender won't be able to sue you for the deficient balance resulting from the sale.
Thanks
You confirmed what a friend and a title agent told me- I truly appreciate the speedy reply...
You're most welcome, Stacey :)