Posted: Thu Mar 11, 2010 11:55 am Post subject: property transfer after divorce
I live in Maryland and was divorced in 2007 - husband had inherited property during marriage but we had taken a mortgage on it so both our names were on loan and deed. My husband got the property at divorce & agreed to pay mortgage. He did not and I realize I am still a responsible party on mortgage. property now going to foreclosure sale. According to the State records, it appears that the transfer from both our names to just his was never recorded after divorce. The last recorded deed still has us both as owners. Do I still have any ownership of property since the filed divorce decree states he would get the propery? If not, can I buy it at foreclosure sale? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
If property deed has not been recorded, then you would still be considered as one of the owners of the property. You would be liable for the mortgage. Thus, if the property is foreclosed, then it will affect your credit as well.
Thanks
ocsandy Guest
Posted: Fri Mar 12, 2010 10:00 am Post subject:
I know I am liable for the mortage since I was a co-signer on the loan. There has been no deed recorded removing my name but the divorce papers were recorded and they state that my ex-husband gets sole ownership of the property and he waon't allow me on the property. I was told by my ex's attorney that even if I paid off the loan I still would not be allowed on the property because the divorce papers remove me from ownership even if a new deed wasn't filed.
I would suggest you to speak to your divorce attorney and take his opinion in this regard. He may be able to guide you in a better manner. _________________ Procrastination is the enemy of your financial success
jameshogg
