Posted on: 10th Dec, 2008 07:18 am
I divorced in April of 08 and ex is living in said property. Divorce papers state he is responsible for payments. He was supposed to have refinanced the mortgage to remove my name but didn't. He is now 2 payments behind, and wants me to sign a quitclaim so he can do a deed in leau on property. He just wants out. Im in no position to make payments myself and not really sure what my options are. I feel im stuck if i dont do because he will just foreclose anyway.
hi rebeccamf!
welcome to forums!
if he has not refinanced the mortgage, that means your name is still on the mortgage docs. this means, if the property is foreclosed, it is your credit that will be affected. even if you quitclaim the property to him and he does a deed in lieu, it is going to affect you.
in my opinion, you should speak to the lender and tell him that it was your ex who was responsible for the payments according to the divorce decree. you can ask the lender to do a novation in the name of your ex so that the mortgage is no longer in your name. you can even consult an attorney and take his/her suggestions.
feel free to ask if you have further queries.
sussane
welcome to forums!
if he has not refinanced the mortgage, that means your name is still on the mortgage docs. this means, if the property is foreclosed, it is your credit that will be affected. even if you quitclaim the property to him and he does a deed in lieu, it is going to affect you.
in my opinion, you should speak to the lender and tell him that it was your ex who was responsible for the payments according to the divorce decree. you can ask the lender to do a novation in the name of your ex so that the mortgage is no longer in your name. you can even consult an attorney and take his/her suggestions.
feel free to ask if you have further queries.
sussane