Posted on: 13th Jun, 2010 11:15 am
my husand and i were divorced about 7 years ago. he signed the quit claim deed, but the mortgage is still in his name.. i now want to sell the house and buy a new house. what steps do i have to take to do this? am i entitled to 100% of any profit from the sale of this house? can i walk away from the property?
As the property is in your name, you are the sole owner and you would be able to claim the sole profit. If you plan to sell off the property, then the mortgage needs to paid off in full. You can sell off the property and use the sale proceeds to pay off the dues. You can list the property in the market in order to sell it off.
If you walkaway from the property, the lender will foreclose it and it will have severe negative affects on your husband's credit report.
If you walkaway from the property, the lender will foreclose it and it will have severe negative affects on your husband's credit report.