After filing a Quit Claim Deed, what is my responsibility if Foreclosure is started due to ex-wife not obtaining a new loan or making payments?
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After filing a Quit Claim Deed, what is my responsibility if Foreclosure is started due to ex-wife not obtaining a new loan or making payments?
After filing and recording a Quit Claim Deed, what is my responsibility?
Asked on September 29, 2017 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
If you were not on the loan/mortgage, you should have no further responsibilities vis-a-vis the property and foreclosure. However, if you were on the loan/mortgage, then you are still liable or responsible for the remaining balance of the loan and could be personally sued for it: quitclaiming away your interest in the property has no effect on your contractual obligation (a loan or mortgage is a contract) to pay the amounts you agreed to pay.
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