Posted on: 21st Jun, 2009 03:44 pm
Greetings all,
I am currently trying to get divorced from my husband who is not making his whereabouts known. We bought a condo in the fall of 2007 and I now want out of this but don't know how to do it if he doesn't come forward.
Some details:
*I am on the title and mortgages (he took out a second loan) but I did NOT sign any loan papers because of my huge student loan debt at the time. I am definitely not on the note.
*We live in Chicago, IL (just in case property law varies by state).
*I waived homestead rights at the closing.
Can anyone please tell me if I can hire a real estate lawyer to get me off the title and deed? Last I heard through the grapevine was that he lost his job and I'm worried the house will go into foreclosure.
Any advice is appreciated.
Thanks.
I am currently trying to get divorced from my husband who is not making his whereabouts known. We bought a condo in the fall of 2007 and I now want out of this but don't know how to do it if he doesn't come forward.
Some details:
*I am on the title and mortgages (he took out a second loan) but I did NOT sign any loan papers because of my huge student loan debt at the time. I am definitely not on the note.
*We live in Chicago, IL (just in case property law varies by state).
*I waived homestead rights at the closing.
Can anyone please tell me if I can hire a real estate lawyer to get me off the title and deed? Last I heard through the grapevine was that he lost his job and I'm worried the house will go into foreclosure.
Any advice is appreciated.
Thanks.
If you want to get rid from the home then it is ok, you can go ahead with foreclosure or short sell. but if you do not have any alternative arrangements for living then it will be really a foolish decision to get your name off from the deed and title.
So I will recommend you that if you have any alternative arrangements then only go for the 'remove your name from deed' option.
So I will recommend you that if you have any alternative arrangements then only go for the 'remove your name from deed' option.
Hi Julie,
As you are not on the mortgage note, you are not legally liable to pay for it. Thus, if the house goes in to foreclosure, your credit will not be affected. In that case, you can sign a quitclaim or a warranty deed and transfer your share of ownership to your husband. You can take help of a real estate lawyer while transferring your share of property. But before you do that, make sure that you are not on the mortgage note and you are not responsible for the loan in any way.
As you are not on the mortgage note, you are not legally liable to pay for it. Thus, if the house goes in to foreclosure, your credit will not be affected. In that case, you can sign a quitclaim or a warranty deed and transfer your share of ownership to your husband. You can take help of a real estate lawyer while transferring your share of property. But before you do that, make sure that you are not on the mortgage note and you are not responsible for the loan in any way.
yes, if your name is on mortgage, you will be equally answerable for payment & any default may hit your credit score as well
did all of that confuse you enough, julie?
if you are not obligated on the loan, then you will not be asked to make payments, nor will you be asked to make up any deficiency from a foreclosure action. you will, however, be named on any actions; and yes, your credit will be affected by action taken, such as a foreclosure.
i don't see you being taken off title and deed anytime soon, especially if you cannot find your husband.
if you are not obligated on the loan, then you will not be asked to make payments, nor will you be asked to make up any deficiency from a foreclosure action. you will, however, be named on any actions; and yes, your credit will be affected by action taken, such as a foreclosure.
i don't see you being taken off title and deed anytime soon, especially if you cannot find your husband.
