Posted on: 05th Sep, 2009 10:11 am
my ex kept the house and did was not able to refinance do to poor credit. the divorce decree was specific. he now wants to do a loan modification. if he does this is his name only and i quit claim the house am i no longer responsible for the mortgage? thanks!
do not sign any quit claim deed in the name of your ex. let him refinance the mortgage in his name.
if he is taking time you can take help of attorey as it is clearly mentioned in divorce degree.
one more thing, inform about court decision to lender immediately. otherwise any late payment or mortgage default may result into a hit into your credit score
if he is taking time you can take help of attorey as it is clearly mentioned in divorce degree.
one more thing, inform about court decision to lender immediately. otherwise any late payment or mortgage default may result into a hit into your credit score
I think the question is, can a modification remove one party from the responsibility of an original mortgage.
loan modification will only releive person from the liability of the mortgage.you do not have to file any quitclaim deed as it does not transfer the mortgage liability .
Welcome Katie,
A loan modification will not help you in removing someone from the mortgage docs. In the process of loan modification, the lender will give you a repayment plan to pay off the debts.
A loan modification will not help you in removing someone from the mortgage docs. In the process of loan modification, the lender will give you a repayment plan to pay off the debts.
i don't believe you have your answer yet, guest (original poster). you are apparently still obligated on the mortgage, despite your having quit claimed your interest in the property to your former spouse.
with a modification, i do not believe that the lender in question is going to be likely to remove your liability on the debt. if the loan is in trouble, the lender is going to be looking for as much likelihood that they'll get payments as they can.
with a modification, i do not believe that the lender in question is going to be likely to remove your liability on the debt. if the loan is in trouble, the lender is going to be looking for as much likelihood that they'll get payments as they can.
Our mortgage is in my name only but both of us on the deed. Divorce was june/09. Two of the last four months of mortgage payments have been paid late and only hit my credit. I was going through cancer treatment during our divorice and did not feel like fighting him over everything and let him have it all. Now my credit is getting trashed. Can I take hime back to court and have the judge award the house back to me and him ordered to sign a quit claim. * His name is not on the mortgage only on the deed.
Hi tammya,
It is not mandatory for you to take him to court. You can simply ask him to sign a quitclaim deed and transfer the property to you. Or else, as the property is in his name, you can ask him to refinance the loan in his name. Thus, you won't be liable for the mortgage dues and your credit won't get affected if the mortgage is not being paid.
Thanks
It is not mandatory for you to take him to court. You can simply ask him to sign a quitclaim deed and transfer the property to you. Or else, as the property is in his name, you can ask him to refinance the loan in his name. Thus, you won't be liable for the mortgage dues and your credit won't get affected if the mortgage is not being paid.
Thanks
He will not sign a quit claim he wants me to fight for it. He thinks that I am still weak from the cancer treatment and not willing to fight and he knows that his monthly payment to me of $300 will not cover a lawyer. I am much stronger now and thinking more clearly. I think that any judge will see that I was taken advantage of during a time I was unable to fight for myself. So..I need the court to order him to sign a quit claim. He kept all of our assets...$50,000 semi truck/trailer, truck, horse trailer, horses. I just could not deal with it at the time and left with my suitcase. I think I have a case to appeal..agree?
We were married for 13 years. I was a homemaker the last five.
Welcome back tammya,
I think you need to speak to a lawyer in this regard. As your divorce case was settled in June'09, the terms and conditions of the settlement would be mentioned in that divorce decree. If the property was awarded to you in the divorce settlement, then you could claim it.
I think you need to speak to a lawyer in this regard. As your divorce case was settled in June'09, the terms and conditions of the settlement would be mentioned in that divorce decree. If the property was awarded to you in the divorce settlement, then you could claim it.