Posted on: 01st Oct, 2012 05:51 pm
i have divorce my husband a year ago and he was suppose to refinance the mortages for the house. a year later he credit is now bad(535). i told him to call citicorp were the first mortage is and explain the problem. my question is the want to send paper for a release of liability. what is this and would it only cover the the first mortage right?
Hi Guest!
Welcome to forums!
The Notice of Transfer and Release of Liability is more applicable and effective in case of motor vehicles. I'm not sure as to how much it will be applicable in case of a residential property. Nevertheless, it should be noted here that unless your name is mentioned on the mortgage docs, you should be liable for the mortgage payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The Notice of Transfer and Release of Liability is more applicable and effective in case of motor vehicles. I'm not sure as to how much it will be applicable in case of a residential property. Nevertheless, it should be noted here that unless your name is mentioned on the mortgage docs, you should be liable for the mortgage payments.
Feel free to ask if you've further queries.
Sussane
Hi Guest,
You can show the document to an attorney and take his help in this regard.
Thanks
You can show the document to an attorney and take his help in this regard.
Thanks