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lisagould1 · Joined: 08 Oct 2010 Posts: 1 1.44 Dollars($)

I have been divorced more than 4 1/2 years. My ex-spouse was awarded the property in San Antonio, Texas in the divorce decree. The decree stated that he is financially responsible for the mortgage payments and that he had to sell or refinance to remove my name from both the mortgage loans. He nearly refinanced shortly after our divorce, but backed out the day before closing. Now he has stopped paying the payments on the first mortgage only (last paid June 2010). I had already submitted a recorded Quit Claim Deed to both mortgage companies, as he was supposedly working on refinancing. Both mortgage companies have released me from liability on the mortgage loans. Unfortunately, they will not remove me from the mortgage notes. My credit score has already dropped, and I have submitted the Divorce Decree and Recorded Quit Claim Deed along with a written letter to all 3 credit agencies. Since he is headed toward either a short sale, deed in lieu, or foreclosure; will I be held responsible for his defaulting? What options do I have, and is there any way to repair my credit at all?

adonis · Posted: Fri Oct 08, 2010 11:03 pm Post subject:

Welcome lisagould,

If your name is mentioned on the mortgage deed, you will be held liable for the mortgage payments. Thus, you can be held responsible for defaulting the home loan payments. After the property is sold off, you can take steps to rebuild your credit. Check out the given page in order to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html

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