Posted on: 21st Jul, 2011 08:07 am
I have quit claimed my interest in a house to my ex spouse.
Am i liable for mortgage if spouse defaults, dies, or house is foreclosed upon?
thank you
Am i liable for mortgage if spouse defaults, dies, or house is foreclosed upon?
thank you
warren, if you were liable for the mortgage in the first place, and your former spouse has not refinanced that mortgage, then you're still on the hook for payments.
i would like to think that this had been arranged in the divorce settlement, but it seems like it wasn't, based on your question.
you ought to negotiate to seek that specific action - for your former spouse to be required to refinance so as to eliminate your obligation.
i would like to think that this had been arranged in the divorce settlement, but it seems like it wasn't, based on your question.
you ought to negotiate to seek that specific action - for your former spouse to be required to refinance so as to eliminate your obligation.
Hi warren!
Welcome to forums!
If your name is mentioned on the mortgage docs as one of the borrowers of the loan, then you will be liable for the mortgage payments. If your ex does not make the payments on time, then the lender can come after you for the payments. Also, if the property is foreclosed by the lender, it will negatively affect your credit report.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name is mentioned on the mortgage docs as one of the borrowers of the loan, then you will be liable for the mortgage payments. If your ex does not make the payments on time, then the lender can come after you for the payments. Also, if the property is foreclosed by the lender, it will negatively affect your credit report.
Feel free to ask if you've further queries.
Sussane
