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Quit Claim Deed

Posted on: 30th Apr, 2009 01:20 pm
I have recently divorced and in the divorce decree I agreed to sign a quit claim within 30 days. I have been told that he intends to do a short sale and that signing the quit claim only releases me from the interest in the property (which if we were going to make a profit on the house, I understand I would get none) however, we are going to loose a large amount of money. Does me not signing that quit claim prevent him from short selling the house? Also, I understand that I am not released from the financial obligation, correct? The divorce decree says the house is his free and clear and also the debt associated with it. I have seen conflicting answers to the fact that they can still come after me for the debt although the decree says that he's responsible for the debt. Who is accurate here? I haven't signed it so in essence I'm in contempt, but I feel that I need to protect myself...What would be the reason that he needs the quit claim... and if he does short sell, is he released from the shortage and can they come after me for the debt if I've signed the quit claim?
I WOULD CONTACT YOUR ATTORNEY BUT I WOULD THINK YOUR ARE SAFE
Posted on: 30th Apr, 2009 01:48 pm
Hi

Are you on the loan as co-borrower? If you are, then the lender may come after you for the deficiency because quitclaiming the title does not release you of your liability. If you are not on the loan you need not be worried about the deficiency that might result from the short sale.
Posted on: 01st May, 2009 04:59 am
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