Posted by River City on September 02, 2004 at 14:36:00:
Big mistake. The only way to get your name off the Note is to have the other person refinance the loan in their name only. Now you have given away all rights to the property and still are liable on the loan. One bad thing about this is the person making the payments can mess up your credit if they don’t make the payments according to the agreement. Any way you can get that agreement back and say you didn’t realize what you were signing?
quit claim deed - Posted by james
Posted by james on September 02, 2004 at 11:11:25:
I have signed a Quit Claim Deed to transfer my interest on a marital property due to divorce. Does my name automatically comes off the mortgage, or am I still liable for the mortgage even though the Quit Claim Deed has been approved by the court system. Does the property need to be refinanced or assumed by the person who the deed was transferred to in order to clear my name? If the property is not properly refinanced or assumed, do I still need to sign off on any future sale or refinancing? what can i do to remove my name?
Re: quit claim deed - Posted by james
Posted by james on September 13, 2004 at 13:57:59:
thanks for all the help everyone.
Re: quit claim deed - Posted by eric
Posted by eric on September 03, 2004 at 10:13:02:
Did you transfer the property as part of a settlement agreement or court order? If transfer was part of a settlement agreement, hopefully there is some good indemnity language and an attorney’s fee provision in the event that your ex-spouse defaults on the note.
If the property was transfered via court order and that order included your ex-spouse to assume the obligation of the note, then that may be somewhat helpful. Although the lender could seek your contribution in the event of default, they may not push it in the face of a court order. They may try and sue you, but then you would have a good chance of success on a demurrer based on the court order. The courts have considerable power in situations like this.
Re: quit claim deed - Posted by Tom-FL
Posted by Tom-FL on September 02, 2004 at 15:35:54:
At the moment, you have no ownership interest in the property, and hence, no control. You are however, fully liable for the payment of the mortgage.
It would be nice if the other party would refinance. Unfortunately, it’s up to them.
You won’t need to sign anything else since you don’t own it anymore.
Nothing you can do to remove your name, but it might be a good time to fire your lawyer. You should never have been advised or allowed to sign that thing.