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Tina
Tina, Lawyer
Category: Real Estate Law
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Experience:  17 years of legal experience including real estate law.
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Tina: I was just served papers that I am being sued by the

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Tina: I was just served papers that I am being sued by the bank that holds the loan on a house my former husband was quick deeded in the divorce settlement 1 year ago. I did not know that my name would not be removed from the mortgage. My question is: I understand that the bank has offered him a 10,000 payout to turn the house over to them and he is saying he will stay in it as long as he can. If he should change his mind and take the payout...would they come after me and expect me to pay off the house?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Tina replied 1 year ago.
Hello and welcome. Thank you for requesting me.

Since you are on the mortgage agreement, the lender should typically enter into an agreement with you and your ex. It sounds as though they are considering a deed in lieu of foreclosure offer. If that is correct, the agreement should incude a provision releasing you and your ex from further liability on the loan.

If it does not, I would not accept the terms as they could pursue the balance of the loan from you or your ex if you are not released from it.

I hope this helps clarify the situation for you. Please remember to rate my service once you have all the information you need. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Tina

Note: Please feel free to request me if you have future legal questions by going to your “My Questions” page and clicking on “Request Tina again” next to my photo. I look forward to hearing from you again.

Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 32395
Experience: 17 years of legal experience including real estate law.
Tina and 3 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.

I just need a little more clarification. If his lawyer does not ask for a provision releasing him from liability but my lawyer does...how does that work for me?

Expert:  Tina replied 1 year ago.
Hello again, Judi.

I would be happy to clarify my answer for you. If you are released from further obligation on the loan by the lender, then they could not pursue a deficiency judgment against you, but they could seek payment from your ex if he is not released as well.
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 32395
Experience: 17 years of legal experience including real estate law.
Tina and 3 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.

thank you so much...this is a stressful time for me and you have given me very valuable insights I can address w a lawyer. God bless you.

Expert:  Tina replied 1 year ago.
You are very welcome, Judi. I'm so glad I was able to help. I hope you are able to resolve this situation soon and God bless you too!

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