Posted on: 28th Dec, 2010 11:50 am
hello all:
i divorced about a year and 4 months ago. on the divorce papers i transfered the apt to my exhusbands power. however we never filled out a quit claim deed form. now he just contacted the about the fact that he wants to do a short sale but since my name is on the deed he needs me to fill out the quit claim deed form. i am a bit concerned about the mortgage issue. when we bought this house i was not working so the bank only used his salary to qualify him for the loan. he says that the bank told him that it looks like he is the payor of the mortgage loan, but i was looking and in some of the closing papers and in the mortgage assumption papers recorded with the county my name is listed there too even though it's not listed on the actual bank papers nor does this mortgage show up on my credit.
i am concerned about the repercussions of both filing a quit claim deed (tax wise for me) and of him doing a shortsale afterwards possibly affecting my credit. i have an appt with a lawyer next week to show him the papers and see what he thinks. thanks everyone!!!!!!
i divorced about a year and 4 months ago. on the divorce papers i transfered the apt to my exhusbands power. however we never filled out a quit claim deed form. now he just contacted the about the fact that he wants to do a short sale but since my name is on the deed he needs me to fill out the quit claim deed form. i am a bit concerned about the mortgage issue. when we bought this house i was not working so the bank only used his salary to qualify him for the loan. he says that the bank told him that it looks like he is the payor of the mortgage loan, but i was looking and in some of the closing papers and in the mortgage assumption papers recorded with the county my name is listed there too even though it's not listed on the actual bank papers nor does this mortgage show up on my credit.
i am concerned about the repercussions of both filing a quit claim deed (tax wise for me) and of him doing a shortsale afterwards possibly affecting my credit. i have an appt with a lawyer next week to show him the papers and see what he thinks. thanks everyone!!!!!!
Hi Guest,
You should check out the mortgage docs properly in order to find out if you're listed as one of the co-borrowers of the mortgage. If you're not the co-borrower of the mortgage, then the short sale of the property won't have any negative affect on your credit report.
Feel free to ask if you've further queries.
Sussane
You should check out the mortgage docs properly in order to find out if you're listed as one of the co-borrowers of the mortgage. If you're not the co-borrower of the mortgage, then the short sale of the property won't have any negative affect on your credit report.
Feel free to ask if you've further queries.
Sussane