Posted on: 19th Oct, 2011 02:28 am
Ok! I moved out of my house over a year ago and husband still lives there. My name is not on the Mortgage, but on the note that I thought was to show I had income to help make payment. He has been served foreclosure papers now and they are going to serve me as well.. He now has found a investor who he knows and wanting me to sign papers for a quick sale and then he is going to have the investor buy the house and either sell or rent it back to him.. It seems I am the one who got screwed here, right? Even though we are still legally married, but I moved out over a year ago am I still responsible? He has let the property go down so much since I left. What a mess!!! What can I do?
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hey yvonnas,
no matter how long you have been moved out for, your name is still mentioned. i would advise you to sign a quit claim deed to your husband, giving him the property in full. this way you will not be held responsible for any upkeep, payments, etc. of the property.
hope this helped!
no matter how long you have been moved out for, your name is still mentioned. i would advise you to sign a quit claim deed to your husband, giving him the property in full. this way you will not be held responsible for any upkeep, payments, etc. of the property.
hope this helped!
If you are on the note, you are on the loan. Doing a quit claim does not take the liability you promised by signing the note. If you were not on the note, only title, then a quit claim would be sufficient. You need to make sure you are protected from your lender being able to come after you for deficiency if your state allows as well as protecting your credit, and tax implications. If you are on the note, you are liable, as you signed a "promissory note" that you would repay the debt. Good luck
