Posted on: 11th Jan, 2009 01:40 pm
My sister-in-lab and I owned a house in CA for about 2 years now; I joined her to help her out since she is going thru a divorce process. Her name and my name is on the grant deed, my name is not on the mortgage, only on the grant deed.
Now, my sister-in-lab and her husband are in the mortgage, her husband signed a paper stating that he is not interested in the house since they are divorcing.
My sister-in-lab is not interested on keeping the house, she wants to quit since she is having too may expenses so she can't keep up with the bills.
We owe now about $20,000 on property taxes that haven't been paid since the last 3 years, only a payment was sent about a year ago but not enough to cover the whole amount.
I want my name out of the deed, I want to quit too, and we both can't handle the payments anymore.
I need a quitclaim deed and change of ownership report forms filled out.
Question: Am I liable for any debt if I fill out those 2 forms?
My sister-in-law is willing to sign any papers, she is ok doing that , she just wants to get rid of this situation , she is aware that her credit record will be bad eventually and she might go on bankruptcy.
Now, my sister-in-lab and her husband are in the mortgage, her husband signed a paper stating that he is not interested in the house since they are divorcing.
My sister-in-lab is not interested on keeping the house, she wants to quit since she is having too may expenses so she can't keep up with the bills.
We owe now about $20,000 on property taxes that haven't been paid since the last 3 years, only a payment was sent about a year ago but not enough to cover the whole amount.
I want my name out of the deed, I want to quit too, and we both can't handle the payments anymore.
I need a quitclaim deed and change of ownership report forms filled out.
Question: Am I liable for any debt if I fill out those 2 forms?
My sister-in-law is willing to sign any papers, she is ok doing that , she just wants to get rid of this situation , she is aware that her credit record will be bad eventually and she might go on bankruptcy.
Welcome Fcastillo.
Since your name is not on the mortgage, therefore, you will not be liable for the mortgage. However, if the property tax bills are in your name, then you'll have to pay for the taxes as your name is on the deed.
You can get sample quitclaim forms here. However, you need to consult an attorney and then get a deed drafted as per the laws applicable in your state.
Thanks.
Since your name is not on the mortgage, therefore, you will not be liable for the mortgage. However, if the property tax bills are in your name, then you'll have to pay for the taxes as your name is on the deed.
You can get sample quitclaim forms here. However, you need to consult an attorney and then get a deed drafted as per the laws applicable in your state.
Thanks.