Am I Be Responsible for the Mortgage if I'm No Longer Named on the Deed?
Full Question:
i own property in california with a former partner. i gave her a quit claim deed and have relinquished my claim on the property. she is trying to get a loan modification and even though the lender has the quit claim, they are requiring me to sign the new loan papers. i do not feel like i should be required to sign nor should i have any responsibility for this property since i have quit claimed it over. what should i do and what are my rights in this situation?f
12/28/2010 |
Category: Real Property ยป Mortgage Sat... |
State: Texas |
#23888
Answer:
The answer depends on all the facts and documents involved. A mortgage loan contract is separate from the ownership of the property. If you were named on the original loan, the transfer of a deed won’t affect your obligations on the loan. You may still be obligated to pay a mortgage even if you no longer own the property. If you are a co-borrower, co-signer, or guarantor on the mortgage, your signature may be required to modify the loan.
