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Greeneyesoif3

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How do i protect myself when ex-spouse has gone delinquent on property I have quitclaimed ownership
I have filed a quitclaim deed 1 year and 7 months ago because my ex-spouse said that he would refinance and take me off the mortgage since I could not afford to do so myself. He now has become delinquent on payments. What can I do to protect myself since I am still on the deed of trust even though i have had no ownership of the property in over a year

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Greeneyes

I can only speak of how it works in California.  Dont know if it is different state by state.

I have met a lot of people that think quitclaim removes them from responsibility.  It does not.  It only removes your claim to the property.  You havent giving up any responsibility, you only gave up the right to make a claim to the property, as the name "quitclaim" implies.

Think about it this way:  Pretend you are a lender and lend money to two people to buy a house or whatever.  Would it be OK with you if one of them filed a form that said "I chose not to be responible for my debt to you any longer"?  Of course not.  Why would you let someone do that.

The quitclaim is between you and your partner you bought the house or whatever with, not between you and the lender.

Personally I would go the legal route.  The court may be able to help you if the other person isnt making the payments and it is hurting your credit. 

But my guess is all the lender cares about is the fact that they have a piece of paper you signed saying you would be repsobsible for the debt.  They could care less about any paper or deal made between you and the other person that signed the loan papers.

Just my opinion.  That and two dollars will get you a grande at Starbucks

Good Luck

Rich

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Greeneyes

Just reread your post and noticed you said your ex was doing a refi and your name was coming off.

My first question is: Are you sure he did the refi.??  Because if he did and you didnt sign anything, I am unclear how it is being reported to your credit.  Why is your name connected to it.

Next Question:  You said "ex-spouse".  If he did the refi. was your divorce final before he did it?   If he did a refi, and your divorce was final before he did it, and you didnt sign anything on the refi, then a trip to the court house is your next stop because your name shouldnt be connected to it.  If those three statements are not true, then you are still caught up in it.

Which is it????

Rich

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