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Guest

My husband and I purchased a property in 2007. We separated last year. Last August I signed a quit claim deed over to him. I only had to sign at closing when we bought the house as I am not on the note. Don't really understand it as on my credit it never showed me owing any money.

In November, My husband lost his job and is now losing his house, so I thought, but he was served with papers in January and then I was just served papers, why? If I'm not an owner or on the deed?

jenkin7 · Posted: Thu Mar 25, 2010 11:11 pm Post subject:

Hi Guest,

If you signed a quitclaim deed and transferred your property ownership to your spouse, you do not have any rights to the home. If you are not on the mortgage note, you are not responsible for the debt. I'm not sure why you have been served the foreclosure papers. Do you live in a community property state? If you do, then that could be the reason why you have been served those papers. But in any case, you should not be responsible for the mortgage debt.

By the way, was the quitclaim deed properly recorded? Does the title still show your name? If it does, then the lender will send you the foreclosure papers. But this will not affect your credit as you are not on the mortgage note.

Guest

I live in Florida. The quit claim deed was properly recorded and I don't know the last answer, if the title still shows my name, not sure where to look at that.

savior70 · Posted: Sat Mar 27, 2010 2:16 am Post subject:

To Guest,

If the quitclaim deed was the properly recorded, your name should not be on the property deed. Once you recorded the quit claim deed, your name should have been removed from the title. You can check with the land records office to find out if your name still shows on the property title. But as Jenkin have mentioned, you do not have any liability towards the mortgage if your name is not on the note and if you are not in a community property state.

Guest

I just received a summons a week ago from a house I owned with my ex-husband. I am on the mortgage and he is on the note. He is foreclosing and I called them and they said they are holding me responsible because I am on the mortgage even though I am not on the note. I have been to 3 attorneys and none of them seem to know what is going on...Is there anything that I can do so this doesn't hurt my credit? I have spent so much time trying to have good credit.

jenkin7 · Posted: Wed Mar 31, 2010 10:38 pm Post subject:

Hi Cindy,

It seems that when you signed the mortgage papers, you also signed on any document which makes you liable for the mortgage. Otherwise, the lender would not have come after you for the loan. If possible, check the original loan documents, also check your credit report to see if the mortgage shows on your credit report as your financial liability. If you are sure you did not sign any documents that makes you liable for the mortgage payment, your credit should not be affected by the foreclosure.

gmakerley · Posted: Thu Apr 01, 2010 7:57 am Post subject:

Cindy, as an owner of the home, you must also be included in any legal action. The mortgage deed that you signed makes you responsible for a number of things, not including the loan itself, of course. Your responsibilities, for example, include insuring the home, protecting the lienholder's interest (the lender), and a myriad of other things. If I had a deed in hand, I'd quote further from it, but I don't.

In order for the lender to foreclose, they must put you and any other "interested party" on notice. The lawyers you've been speaking to must not have much in the way of real estate experience, or else they'd have given you similar answers. I don't wish to demean the lawyers, but I'm flabbergasted that three different ones were all confused to the point of inability to give you any answers..."none of them seem to know what is going on..." that's a pretty sad occurrence.

Guest

As well im listed as co borrower but my husband was the only one who signed the note... and now that were seperated i am also getting default papers from the lawyer... should i send them the copy of the note that i am not responsiable for payment?

savior70 · Posted: Mon Apr 05, 2010 2:19 am Post subject:

To hollyboo,

A co-borrower is as much responsible for the mortgage as the primary borrower. I'm not sure how you can co-borrow a mortgage without signing on the note. But as far as I know, you are very much responsible for the mortgage loan as a co-borrower and in case your husband defaults on the loan your credit will be affected.

gmakerley · Posted: Mon Apr 05, 2010 2:15 pm Post subject:

unless you sign a promissory note, you are not liable for making payments under the note. as an owner of real estate, any lender bringing a foreclosure action must also sue you. let's not get confused here. one who owns property will be foreclosed upon whether or not that person is obligated under the terms of the loan note. go back and read your mortgage documents, and they'll be clear as to rights, responsibilities and liability.

Guest

Hello,

My wife is going through bankruptcy. When I met her she already had a house. We refinanced in 2008. At the closing I was told by the rep that I "had" to sign the refinance documents (we refinanced with a different mortgage company). My name is not on any of the mortgage statements that come to the house and is not shown on the property tax bills. Nor has this affected my credit rating. Payments have not been made on this house for almost a year.

Next to my wifes name is says "borrower". But next to my name on the document it doesn't say anything but my name.

My question is simple, although I realize the answer might not be. Am I liable for this debt?

jameshogg · Posted: Fri Apr 23, 2010 10:16 pm Post subject:

Hi Thomas,

You'll have to check out the loan docs properly in order to know whether or not your name is mentioned on them. If your name is not mentioned on the mortgage docs, you won't be responsible for your wife's debt.

Thanks

gmakerley · Posted: Sat Apr 24, 2010 8:28 am Post subject:

My opinion is that if you signed a note, they'll hold you to it. The signing indicates a promise to pay. They'll hold you to it if they take the time to read the note...which will happen eventually.

Guest

My husband stoped paying our house without consulting me. when we bought it back in 2004 i did not sign the promisory note and them when we refinace the house back in 08 i did not signed either and my social is not in the papers nor my credit has being affect it by the foreclosure. we are getting divorce now and he refuses to sign a quick claim deed and wants me to be liable for 50% of the debt. am i liable for the debt??? and if i did not signed but is put it on the divorce settlement am i going to be responsible?? thanks

jameshogg · Posted: Fri Apr 30, 2010 10:47 pm Post subject:

Hi Milly,

I have given my suggestions in regards to a similar query at:
http://www.mortgagefit.com/know-how/about38186.html#163049

Take a look at it. Hope it helps you.

Thanks

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