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