Posted on: 21st Apr, 2012 10:51 am
if i give my estranged husband a quit claim deed to our florida home, will i be released from responsiblity for the mortgage if he eventually lets it go to foreclosure? we are current on our payments and not underwater but he will retire next year and will no longer be able to afford to maintain his separate residence. will i have to file for divorce or does that have any effect?
thanks
thanks
In a quit claim deed, signatures of both the granter and the grantee should be there. Your estranged husband may not be willing to sign the deed.
Hi batty!
Welcome to forums!
If your name is on the mortgage docs, then signing a quitclaim deed won't release you from the mortgage liability. In such a situation, if the property is foreclosed, then the lender may come after you in order to collect the deficient balance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name is on the mortgage docs, then signing a quitclaim deed won't release you from the mortgage liability. In such a situation, if the property is foreclosed, then the lender may come after you in order to collect the deficient balance.
Feel free to ask if you've further queries.
Sussane
Quit Claim Deed is actually a waste of time, money, and paper. I signed one after my promulgation of property, but 10 years down the line my ex filed bankruptcy AND went thorugh foreclosure. I was not aware of the foreclosure. Apparently in Louisiana the lender has no obligation to notify the lender in the case of late or non-payment. So basically, what was done (in my case) as a good-faith agreement holds no water. Now I face a Deficiency Balance owed at around $14,000. Sorry, but this is just not morally right.
Hi LadyJaneSaint,
Did you speak to your attorney in this regard? Is your name mentioned on the mortgage docs? If no, then you will never be liable for any deficient balance.
Did you speak to your attorney in this regard? Is your name mentioned on the mortgage docs? If no, then you will never be liable for any deficient balance.