By signing a release of liability...and our house is on the market, will that remove my interest in the proceeds of the house at the time of sale?
State/Country relating to question: New York
obtaining a release of liability from the mortgage company
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Good morning. There are two concepts here....i) ownership of the property; and ii) liability of the mortgage which is a lien on the property. They are separate and distinct. By signing a release of liability concerning the mortgage, that relates only to the mortgage and the loan it secures. It does not impact your titled interest in the property. Only if you sign a deed giving up your ownership interest in the property do you give up your right to proceeds from a sale. Otherwise, upon sale, the loan will be paid in full, and any remaining proceeds will be divided among the owners.
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So I am still able to obtain my portion of the sale proceeds on the sale of the house? By signing the release, does this require him to refinance the house? I just want to get screwed out of my portion of the sale.
Just make sure you are not signing any kind of a deed. Otherwise, you retain your ownership and your right to proceeds. The only thing you want to do is to get a release from the mortgage company. You should not be releasing anyone; you should be getting a release.
Will my ex husband have to agree to the release of Liability?
Yes...you want released from both the mortgage company and your ex. Otherwise, you run the risk of your ex pursuing you even though the mortgage company is not.
What if that was already agreed to in the divorce agreement? Then I should not have to get his approval on this?
If he has already agreed in the divorce settlement agreement, that is sufficient.
Texas lawyer for 32 years; Also RE developer
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