What is my responsibility on a quit deed to my ex?

Question

In my divorce papers I signed over a quit deed on house/property to my ex? She can no longer make payments...am I still responsible for making the payments?

Answer 1

You signed over the property but not the mortgage.  If the mortgage is still in your name you need to pay.  You should get a lawyer.

Answer 2

The warranty deed and the mortgage are two different things.  You can owe money on a house you don't own or own a house that someone else owes money on when you get divorced.

The warranty deed says who owns the property.  You quit claimed it to your ex-wife, so you no longer own the property; she does.  A quit claim deed says IF I have an interest in this property I'm giving it to you.  The interest isn't specified as it is in a warranty deed.

The mortgage says who got the money.  If your name is on the mortgage, the lender will hold you equally responsible for the payments.  Your divorce decree may say you're not responsible for the loan, but from the lender's point of view, he loaned money to two people and now one of them wants to back away from the debt.  You may not have to pay me, but I'm going to tell all my friends about it, by reporting it to the credit bureaus.  My friends will not be anxious to lend you money when you want it.  If the property forecloses, that will hang around on your credit report for at least 7 years.

Prophet had some good suggestions.  I'd call a lawyer for help with this, if I was you.

Answer 3

Yes, the bank doesn't care about the divorce.  You're still responsible for the loan.

Answer 4

If the loan has your name on it you are responsible for it.  If she did not refinance the loan to remove you then unfortunately you are on the line as well.  I am going through a situation similar to that where I signed over the property to my ex and she took out a second mortgage and defaulted on the first.  Although I haven't lived there for over 5 years, it it showing up on my credit report AND I'm getting letters from the lawyer/court.

Good luck!  

Answer 5

The "Quit Claim Deed" gave her ownership of the house, but it did not remove you from the mortgage obligation (assuming you were a party to the mortgage - if you bought the house together).

If she can't make the payments - you can:

1.  Offer to take over the house and the payments.

2.  Insist she sell the house.

3.  Refinance the loan to get your name off (doubtful at this point).

4.  Offer to help her make the payment but the house has to go up for sale and you get your money back when it sells (assuming you make some profit).  (This will protect your credit rating).

Answer 6

Yes you sure are.

Did you divorce decree stipulate how long she had before she was required to refinance into her name alone?

If it didn't, then you got a bad divorce attorney.