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I divorced with my ex-husband

I divorced with my ex-husband in April 2007. And he refinanced the mortgage under his name only and bought me out and gave me my half equity, and then I signed a quitclaim deed to him in May 2008. He filed bankruptcy and default on the mortgage of the property in September 2009 and his case was end in February 2010. For some reasons, the mortgage company lost the Quitclaim deed which I signed two and half years ago that was never recorded with Maricopa county recorder office in Arizona. Now the Mortgage Company asks me to sign a quitclaim deed to them, they said my name is still on the title of the property. I would like to know that should I sign a quitclaim deed to the mortgage company. And am I liable for his default on his mortgage if I sign a new quitclaim deed to his mortgage company? I really appreciate your help. God bless you.

Asked on 4:33 am Sep 13th 2011

Anonymous

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Hi Anon, I am not an atty, but based on what you have told me, you should be fine. Because what you are concerned about is that you are not obligated on the loan, and since he refinanced (thank goodness), you are not on the loan, but only on the property. That is why they want you to quit claim it to them so they can liquidate it and recoup someof their loss. I suppose, if you wanted to play hard ball, you don't have to sign the quitclaim, and then you would be due part of the proceeds, but more than likely, they are going to take a loss on it and there will be no profit. You may want to talk to an atty, to make sure I am correct, and you may also want to get something from the lender in writing that they agree that the property should not reflect negatively on you whatsoever, but other than that you should be fine. Hope this helps, and if you have any friends or family who are looking to purchase or refinance their home, I hope you will give them my contact info. Kim Patrick 1st Preference Mortgage, 770-886-3140

Answered on 1:03 pm Dec 3rd 2010

kpatrick

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Dear Anonymous, First of all, please be aware I am not offering legal advice--I am not an attorney. Also, I am in CA and it is always possible that tghings would be handled differently in AZ. You may be able to find an attorney that offers a free consultation. Please consult an attorney to protect your self and your credit. That being said... One of the first things the attorney may ask is do you have a copy of the first QUIT CLAIM DEED you signed. This may help establish your non-title. Yes, since they still show you on title and claim no knowledge of the Quit Claim you'd still be responsible for the default. Your credit rating is a valuable source and this will definitely harm it. If you sign a Quit Claim at this point, basically signing away your interest & signing property back to the mortgage company it will probably still show as a foreclosure on your credit report. Just out of curiosity do you know why the original Quit Claim was not filed with the County Recorder's office? Again, I urge you to consult an attorney considering your ex-husband filed bankruptcy. You need to know how the court ruled concerning the property and did the court deem your ex-husband the sole owner. In this economy it's best to remember that not all mortgage companies are created equal! Take care and good luck, Lynnette Phillips

Answered on 5:07 pm Dec 3rd 2010

Anonymous

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I divorced with my ex-husband

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