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mortgage foreclosure/ quit claim deed

My now ex-husband purchased property when we were married. The divorce was final 4 months after this sale. Because we were offically married at the time of the sale, I was forced to co-sign on the mortgage as co-borrower, but I did not sign the mortgage note. After the divorce was final, we submitted a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] to take me off the property. Now, it is going into foreclosure, and because my name was listed on the original mortgage- I received a summons. How am I responsible? What should I do? Will this effect my credit?

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Allibee,

Welcome to the forums.

Being a cosigner and co-borrower are two different issues. If you have been a cosigner, it becomes your responsibility to pay off the loan when the mortgage is in default even if the primary borrower cannot carry on with the payments.

Now, if you are a co-borrower, it is quite obvious that the court will send you a summons in case the loan is not paid. This is because, as a co-borrower, you are responsible to make part of the payments. And, in case the lender calls for foreclosure, it this will definitely affect your credit even though you are not on the property anymore.

Take Care

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

allibee, i presume that you have some documentation to back up your claim concerning ownership and (coercion?) on your signing of the loan documents.

as long as you can document your situation, you can repair whatever damage (if any) to your credit; and, at the same time, likely prevent the lender from continuing action against you.

at the same time, i advise you to seek legal counsel, to ensure that all your rights are protected to the fullest.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was divorce from my ex-wife in 2000. I was required by our divorce decree to quit claim the martial home to her in which I was listed as the primary borrower and she was listed as the co-borrower. She was rsponsible making payments and was required to retitle the house in her name, which would have taken my name off of the mortgage as the in agreement to our divorce. She has since then failed to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] home and/or make payments and has filed for bankruptcy 13 on home.
What, if any options do I have of getting my name of the mortgage at this time. My credit is ruined because this home keeps showing up on my creit report.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i do not have an easy answer to your question, but i suggest you contact your divorce attorney to discuss this, assuming you haven't done so already.

the lender obviously has not recognized the stipulations in your divorce decree; you can certainly take steps to enter a personal statement on your credit file, and that may help you out a bit.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am going through a divorce and my husband kept the house. He is the only one on the mortgage but my name is on the deed. Is my credit affected if and when he goes into foreclosure? Do I need to remove my name from the deed?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

julie, inasmuch as you are still an owner of the home (i don't know why that would be), any legal action involving the home will have to include you. so, foreclosure will be against all owners - including you. since foreclosures are public records, that information will get picked up by the various credit reporting agencies, and your credit report will reflect that public record. as a result, your credit will, indeed, be affected. i honestly don't have an answer as to what the overall consequences are.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My boyfriend and I purchased a home and my name is on the deed and loan papers. We have split. I signed a quick claim deed. The home is already in forclosure. Will I still be responsable for the loan or am I off the hook?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ann,

As the mortgage is still in your name, you are liable for the mortgage dues. If the property is foreclosed by the lender, then it will have a negative affect on your credit score and you would be liable for paying off the deficient balance as well.

Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Unless you have an iron-clad document that excuses you from repayment from a court of law, the lender will continue to pursue you for payment as long as they find it necessary.

A quit claim deed does not absolve anyone of liability - it merely transfers ownership interest.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

George, so a quit claim deed cannot be used to save a credit score of a co-borrower?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

A quitclaim deed will only remove a person's name from the property. It won't remove a person's name from the mortgage. Thus, it won't help in saving the co-borrower's credit score.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My ex has been served forclosure papers. She is willing to sign a quit claim deed to allow me to save the house. is it too late? Ohio

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Ed,

It is not late but it will be difficult for you to save the property. If your ex transfers the property to you, then you'll have to pay off the delinquent dues in full to the lender. Unless you do so, the lender will have the rights to foreclose the property.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Ed you can save the house now, before the quit claim, or afterward.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I live in Kentucky and my divorce was final 7/2007. In the decree it stated that husband shall recieve the real estate and pay indebtedness owed and hold me harmelss from any liabiltiy theron. I just got papers served to me that had a copy of the morgage and note attached because the home is in foreclosure 2/11. I had signed the Mortgage but not the Note. Sumons says I may claim an interest in property as current spouse? Were divorced will this hurt my credit and will the bank come after me? Should I quit claim?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jenny,

Your query has been replied to in the given page:
http://www.mortgagefit.com/predeal/about49531.html

Take a look at it. Hope it helps you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My ex-boyfriend and I bought a house in Feb. 2006. We split in Jan. 2007. I signed the [url=http://www.mortgagefit.com/quitclaim-deed.html]Quit Claim Deed[/url] on Feb 26th 2007. I've had nothing to do with the ex or the property since. He lost the house and its on my credit report. Who is responsible for notifying me? And why was I never informed of the foreclosure? It was posted on my credit report in March of 2011...I just found out a few weeks ago when I went to apply for a mortgage of my own. I'm so upset, I wanna cry. I don't know what to do. Not contacting/notifying me has to be illegal, right?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jamiemaries,

If your name is still mentioned on the mortgage docs, then you will be considered liable for the mortgage. It is your lender who is responsible to notify you about the foreclosure. The lender cannot foreclose the property without informing you.

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