Posted on: 06th Jul, 2010 11:54 pm
ten years ago my husband and i purchased a house,his name, my name and the three kids names are all on this house,from what i understand when a property has a lot of names on it it is considered balloon property and no name can be taken off of it .so my question is that we vgot a divorce 2 years ago and the lawyer drawed up a paper signing away my rights tob the property ,is that legal and he ows me a total of 9500 for my share of a 50,000 house
I have never heard of anything called "balloon property". If you are not interested in the said property, then you can sign a quit claim deed and transfer it to your ex-husband. However, if your name is mentioned on the mortgage, then your ex-husband needs to refinance the loan and release you from the mortgage liability.