Is co-signer on mortage still responsible after quit claim deed instrumented

jillbav · Joined: 15 Dec 2008 Posts: 1 1.37 Dollars($)

My husband's name is on mortgage of property transferred by quit claim deed to ex-wife. What recourse is availabe to him if she defaults or gets behind on mortgage payments?? We don't need his credit rating damaged by her inability to handle her money. His lawyer did not include time to refinance in the divorce decree....or explain to him we are responsible for her not paying mortgage..can we sue the lawyer for not providing info he needed to make that decision?

gmakerley · Posted: Mon Dec 15, 2008 8:46 am Post subject:

i've said this before and i'll say it again: anyone can sue anyone else for any reason at any time.

the key is this: will the rationale for the lawsuit be reasonable, and is there any likelihood that a court of law will rule in favor of the suer? if the latter is a real possibility rather than a shot-in-the-dark, then i would suggest that yes, you can go ahead and sue this lawyer.

has anyone discussed this situation with the ex-wife? by that i mean, your husband, of course. is there any reason why you're fearful that she won't make payments?

there's more here than meets the eye, i would submit. what's the right solution? hopefully, it's her making payments on time as required by the lender, thereby providing you and your husband piece of mind.

jheard · Posted: Mon Dec 15, 2008 10:17 am Post subject:

Using a quitclaim deed to transfer your property interest does not relieve your liability on the mortgage. This means you are responsible for the mortgage if the grantee (ex-wife) defaults.

You must refinance the property in your ex-wife's name alone.

jameshogg · Posted: Mon Dec 15, 2008 7:19 pm Post subject:

Hi jillbav,

You and your husband will have to first check whether the ex-wife has refinanced the mortgage in her name or not. If she has refinanced the mortgage, then your husband will in no way responsible for the payments neither will his credit be affected.

If the ex-wife hasn't refinanced the mortgage and if your husband's name is still on the mortgage docs, your husband is still liable to pay the mortgage dues and his credit will be hurt if she is unable to pay the dues.

As far as suing is considered, I agree with George that anyone can be sued. So, you can sue the lawyer on the grounds that he did not gave you the correct information.

Thanks

gmakerley · Posted: Tue Dec 16, 2008 8:35 am Post subject:

jameshogg, i trust that you aren't taking what i said as an endorsement for suing someone. i am merely making a point that lawsuits are as common as the common cold. unfortunately, there has never been found a cure for either.

we are such a litigious society that it is atrocious. as soon as someone thinks someone else did something wrong, the threat of a lawsuit appears. i suppose it's better than the old style of justice in the old west - a shootout on main street; nevertheless, it's a poor way to resolve issues.

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