Bad idea: Quitclaiming property while your name remains on mortgage Daily Breeze
Q: When I was married, my wife and I signed a loan to buy a home. We got divorced, but she was awarded the house in the divorce agreement and stayed in the property for a few years after our marriage was finished.
I had to sign a quitclaim deed, and in the divorce decree it was stated that she would refinance if possible. The house went into foreclosure, and was sold, and now the lender is coming after me for some of the money.
Am I still liable for this loan? It has been years since I lived in the property. If I am liable, what can I do to take care of this situation?
A: One mistake homeowners frequently make when getting divorced is signing a divorce decree that requires a spouse to refinance the property at some unspecified time in the future, even though it assigns the ownership of the property to that spouse.
When you signed the quitclaim deed, ownership of the property transferred to your wife. But your name remained on the loan documents. So, your wife got the house,
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