Start Your Divorce Today - Premium Divorce Online


Divorce Source Community Forums >> Property and Debt

Jump to first unread post. Pages: 1
jaybeedee619
recently joined


Reged: 06/07/09
Posts: 6
Loc: MN
Upside Down Mortgage
      #545063 - 06/11/09 01:39 PM

Our house is worth less than we owe. An atty. says that I can't just quick claim deed the house to him because the mortgage co. will still come after me -- no matter whose name the title is in. Really? How can we divide any of the debt then? If we divide the debt, and then he doesn't pay, won't any creditor come after me? I thought that the divorce decree would deliniate who owed what and to whom so that we each could start over. If anyone has experience with what to do with property owned jointly that has declined in value, please tell me what happened in your situation. Thanks. JBD

Post Extras: Print Post   Remind Me!   Notify Moderator  
d2njti
member
*

Reged: 03/05/08
Posts: 187
Re: Upside Down Mortgage [Re: jaybeedee619]
      #545135 - 06/11/09 06:59 PM

A quit claim deed only grants what ever ownership interest you have, if any, in property to another. It has nothing to do with debt obligations. You and H signed a mortgage obligation to the bank. The bank is the only one that can relieve you of that obligation, not H, not the court, not a quit claim. Until you recieve a full reconveyance of the trust deed from the bank, you are both equally obligated to pay the mortgage. It's the same with any other joint debt, cars, credit cards. I could perfectly legally grant you a quit claim to your neighbor's house. Since I don't own it, you get nothing, and your neighbor is not harmed in any way. The CO can set down rules between you and H, but it doesn't change any contracts jointly in force. Suppose H says he'll pay and the CO agrees. Some time later H decides he's tired of paying and has nothing the bank can easily attach. The bank turns around and takes the debt obligation from you. You're only recourse is to sue deadbeat H who apparently is not able to come up with the money anyway.

Post Extras: Print Post   Remind Me!   Notify Moderator  
finz
Carpal \'Tunnel
*

Reged: 06/17/08
Posts: 6756
Re: Upside Down Mortgage [Re: d2njti]
      #545209 - 06/11/09 11:38 PM

your stbx would have to refinance the house in his name only before you sign the quick claim deed

Post Extras: Print Post   Remind Me!   Notify Moderator  
Pages: 1



Extra information
0 registered and 0 anonymous users are browsing this forum.

Moderator:  dsAdmin 

Print Topic

Forum Permissions
      You cannot start new topics
      You cannot reply to topics
      HTML is disabled
      UBBCode is disabled

Rating:
Topic views: 5119

Rate this topic

Jump to

Contact Us Divorce Source Home

*
UBB.threads™ 6.5.1.1


Resources & Tools
Start Your Divorce Online Start Your Divorce
Several Options to Get Started Today.
Divorce Tools Online Divorce Tools
Keeping it Simple to Get the Job Done.
Divorce Downloads Download Center
Instantly Download Books, Guides & Forms.
Divorce and Custody Books Discount Books
Over 100 of the Best Divorce & Custody Books.
Negotiate Online Negotiate Online
Settle your Divorce and Save.
Custody and Support Tracking Custody Scheduling
Make Sure You Document Everything.

Easily Connect With a Lawyer or Mediator
Have Divorce Professionals from Your Area Contact You!
Enter Your Zip Code: