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sassibell · Joined: 17 Aug 2008 Posts: 2 1.26 Dollars($)

My husband has a home that he quit claimed to his ex and she has gone into foreclosure, she now wants him to sign on a loan modification to save the property. He refuses to do it, what will happen with the procedure?

laphillips · Posted: Sun Aug 17, 2008 11:47 am Post subject: not signing a loan modification

Hello sassibell,

Was your husband signed on the mortgage? If so by signing the quit claim deed he only transferred title to his ex; he DID NOT relieve himself of any legal obligations regarding the loan. Consequently he is still liable financially. The only way to end that responsibility would be to refinance or sell the property & pay off the loan (in the current market a short sale may be the only way to get it sold).

If the loan modification would make it possible for her to bring the account up-to-date & make the payments it may be in his better interest especially since she obviously could not qualify for a refinance at this point and selling the house might prove difficult at best.

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not signing a loan modification