mortgage foreclosure/ quit claim deed

allibee · Joined: 06 Feb 2008 Posts: 1 1.39 Dollars($)

My now ex-husband purchased property when we were married. The divorce was final 4 months after this sale. Because we were offically married at the time of the sale, I was forced to co-sign on the mortgage as co-borrower, but I did not sign the mortgage note. After the divorce was final, we submitted a quit claim deed to take me off the property. Now, it is going into foreclosure, and because my name was listed on the original mortgage- I received a summons. How am I responsible? What should I do? Will this effect my credit?

sara

Hi Allibee,

Welcome to the forums.

Being a cosigner and co-borrower are two different issues. If you have been a cosigner, it becomes your responsibility to pay off the loan when the mortgage is in default even if the primary borrower cannot carry on with the payments.

Now, if you are a co-borrower, it is quite obvious that the court will send you a summons in case the loan is not paid. This is because, as a co-borrower, you are responsible to make part of the payments. And, in case the lender calls for foreclosure, it this will definitely affect your credit even though you are not on the property anymore.

Take Care

gmakerley · Posted: Thu Feb 07, 2008 9:47 am Post subject:

allibee, i presume that you have some documentation to back up your claim concerning ownership and (coercion?) on your signing of the loan documents.

as long as you can document your situation, you can repair whatever damage (if any) to your credit; and, at the same time, likely prevent the lender from continuing action against you.

at the same time, i advise you to seek legal counsel, to ensure that all your rights are protected to the fullest.

Guest 0.10 Dollars($)

I was divorce from my ex-wife in 2000. I was required by our divorce decree to quit claim the martial home to her in which I was listed as the primary borrower and she was listed as the co-borrower. She was rsponsible making payments and was required to retitle the house in her name, which would have taken my name off of the mortgage as the in agreement to our divorce. She has since then failed to refinance home and/or make payments and has filed for bankruptcy 13 on home.
What, if any options do I have of getting my name of the mortgage at this time. My credit is ruined because this home keeps showing up on my creit report.

gmakerley · Posted: Wed Mar 26, 2008 9:56 am Post subject:

i do not have an easy answer to your question, but i suggest you contact your divorce attorney to discuss this, assuming you haven't done so already.

the lender obviously has not recognized the stipulations in your divorce decree; you can certainly take steps to enter a personal statement on your credit file, and that may help you out a bit.

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