If I sign deed of trust but my name is not on note, am I still financially liable?
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If I sign deed of trust but my name is not on note, am I still financially liable?
During the legal separation process, my husband is refinancing home. He is being awarded the home in separation and has completed refinance process. Since separation is not final, lender says I need to sign deed of trust and other documents, however my name is not on actual note for mortgage. They tell me I just need to sign a quit claim deed and file with county after signing refinance papers and I won’t be liable should my husband quit paying mortgage. Is this true?
Asked on September 14, 2010 under Real Estate Law, Washington
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Ok so let's take it step by step. You have a legal separation pending or are the papers signed? Is it an agreement between you or a court ordered separation? In any event, he has refinanced the property out of your joint names and in to his name only? You would not want it any other way. Now, the lender does not want to complete the loan until the deed is in his name alone? That makes sense and yes, once all of that is done you will not be liable for the mortgage. BUT, I would not execute anything just. What were you awarded instead of the house? Were you to be given stocks or bonds, money, what? Don't you want to make sure that you get what you were to get too? I would have an attorney review the matter for you if you do not already have one. It is time. Good luck.
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