After a divorce, there is always the question of who will keep the house and what else is divided up between the two of you. As a grantor, you are the individual to sign away your rights to your property in form called a quit claim deed. This gives your ex-spouse full property rights of your home as the grantee. Once you do that, you may think that you’re off the hook forever. However, there is one thing that may cause this property to come back to haunt you: a foreclosure complaint.
Unfortunately, your liability for the mortgage is not excused even if you sign away your rights. A lender is only looking out for himself as he makes sure to get all his money in a foreclosure case. Since your name was once listed on the mortgage, he has the option of coming after you to pay off the foreclosure. This attack can be even harsher on you if your grantee is not paying the mortgage after the time of the quit claim deed. Because your name was included on the mortgage and any loan that may have been taken out when buying, you are fair game to the lender, which can only mean trouble.
Hiring an attorney is one of you best options in a case like this. Waiting and trying to figure it out alone will make the situation worse for you. Stephen K. Hachey, a Florida foreclosure attorney, can help your wade through this process and determine a positive solution. Contact him today at 813-253-0309.