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J. Warren
J. Warren, Lawyer
Category: Real Estate Law
Satisfied Customers: 2242
Experience:  Experience in residential real estate and commercial leases.
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My ex-husband of 10 years has defaulted on s mortgage and

Customer Question

My ex-husband of 10 years has defaulted on his mortgage and apparently they can't find him or they haven't tried. Chase bank has hired a law firm to come after me for the balance of the loan. In my divorce I did sign a quit claim deed. The law firm is coming after me for payment of this loan. I spoke to my financial adviser who said it's just a scare tactic but I'm concerned....what is the worst case scenario? Please help. Thank you.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  J. Warren replied 1 year ago.

Hello and welcome! My name is ***** ***** I will be helping you today! I look forward to working with you to provide you the information you are seeking for educational purposes only. It will take me just a few minutes to type a response to your question. Thanks for your patience!

Were you a co-borrower on the loan for the property that you signed a quit claim for?

Expert:  J. Warren replied 1 year ago.

Assuming you were a signor on the original loan and your ex did not refinance and remove you from the loan, by signing over a quit claim deed, all that accomplished was a transfer of your interest in the property to your ex-spouse. It did not remove you from the underlying mortgage obligation under the terms of the promissory note and deed of trust used to secure the property. In other words, you gave away your rights in the property but remained liable on the loan.

This happens often in divorce cases and is not what is intended but is a consequence of not having the ex-spouse who was awarded the house refinance and thus removing the other from the loan. Your financial planner is wrong in this case assuming you never were removed from the loan.

The result of this is they come after you for the balance of the loan. The only silver lining is the fact to the extent you are sued for the balance or anything you pay to the lender, you have a right to seek reimbursement from your ex-husband.

All my best and encouragement. Thank you for allowing me to help you with your questions. I realize this was not the answer you were hoping to receive however I have done my best to provide information which truthfully addresses your question. Please note: If I tell you simply what you wish to hear, this would be unfair to you. I need to be honest with you and sometimes this means providing information that is not optimal. Negative ratings are reserved for experts who are rude or for erroneous information. Please rate me on the quality of my information; do not punish me for my honesty.

Expert:  J. Warren replied 1 year ago.

Hello again. This is a courtesy check in to see if you needed anything else in regards ***** ***** question because you never responded or replied positively. Pressing a positive rating will not cost any additional money - it is simply the trigger used by Just Answer to pay me for my time (pressing the middle star or the fourth or fifth star on the right are all positive rating buttons). I am simply touching base. Let me know. Thanks!