Posted on: 16th Oct, 2008 10:25 am
i have been divorced for over a year my ex got the house an i have a quit claim deed and now the house is in foreclosure
Were you on the loan for the home? Since you quit claimed you have no ownership in the asset the bank is foreclosing on.
If you were on the loan then the mortgagor may be able to collect any remaining balance of the note from you and your former spouse depending on whether you reside in a state which allows it.
Many couples who purchased real estate and had both their names on the deed and note end up in the predicament you are currently in. The spouse who quit claims ownership is often on the loan and has a choice to either pay the defficiency balance of the debt after the sale of the asset or file for bankruptcy protection.
If you were on the loan then the mortgagor may be able to collect any remaining balance of the note from you and your former spouse depending on whether you reside in a state which allows it.
Many couples who purchased real estate and had both their names on the deed and note end up in the predicament you are currently in. The spouse who quit claims ownership is often on the loan and has a choice to either pay the defficiency balance of the debt after the sale of the asset or file for bankruptcy protection.
Hi ilookprettyinpink!
Welcome to forums!
If your name is not on the property deed, then you will not have any interest in the property. And it will not affect you. But you will have to check if your name was on the mortgage note. If yes, then the lender may ask you to clear off the debts. If your name is not on the mortgage, then you need not worry.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If your name is not on the property deed, then you will not have any interest in the property. And it will not affect you. But you will have to check if your name was on the mortgage note. If yes, then the lender may ask you to clear off the debts. If your name is not on the mortgage, then you need not worry.
Feel free to ask if you have further queries.
Sussane
