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Is it wise to issue a NJ quit claim deed after a divorce?

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Guest	Posted: Sun Dec 20, 2009 6:36 pm    Post subject: Is it wise to issue a NJ quit claim deed after a divorce? Like 0 Dislike 0 On the property settlement agreement on an uncontested divorce, it was stipulated that my exhusband will pay all roof expenses, real estate taxes, and make the mortgage payments until the 2-family property with rental income to cover mortgage payments is short-sold. Then he got deported and he issued a power of attorney to a relative who wouldn't answer my calls. The rental income is not being forwarded to the bank to pay the mortgage. Is it better to issue a quit claim deed on the property? I know it does not remove my responsibility on the loan, but can it limit my liability in other ways?
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Sun Dec 20, 2009 9:24 pm    Post subject: Like 0 Dislike 0 Hi Guest, If you are listed as one of the owners of the property, then you can definitely transfer the property to another person. However, you will remain responsible for the loan and if you do not pay off the dues, the property will be foreclosed upon and your credit will be ruined. _________________ Procrastination is the enemy of your financial success

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