Posted on: 04th Mar, 2008 11:27 am
my husband signed a quit claim deed after our divorce i gave him 7500.00 for this. we still had a mortgage who is responsible for this?
check your divorce decree or other document, which should spell out who is responsible for paying the mortgage and any other debts.
one would ordinarily surmise that you, as the sole owner of the property, would be held responsible. the lender who holds your mortgage will not differentiate between you, however; if both of you signed the original mortgage deed, they will consider both of you liable for payment. what that essentially means is that they will not release either of you from the debt.
however, the court order will set out the full responsibility; and that is what the two of you ought to be governed by.
one would ordinarily surmise that you, as the sole owner of the property, would be held responsible. the lender who holds your mortgage will not differentiate between you, however; if both of you signed the original mortgage deed, they will consider both of you liable for payment. what that essentially means is that they will not release either of you from the debt.
however, the court order will set out the full responsibility; and that is what the two of you ought to be governed by.
Hi Anita,
Welcome to the forum.
George has given very good info and I agree with him that in your decree it should be clearly written who is responsible for the mortgage. As your ex has quitclaimed the property to you then you should be responsible for the mortgage although quitclaim does not transfer the mortgage.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
George has given very good info and I agree with him that in your decree it should be clearly written who is responsible for the mortgage. As your ex has quitclaimed the property to you then you should be responsible for the mortgage although quitclaim does not transfer the mortgage.
Feel free to ask if you have any further questions.
Best of luck,
Larry
