QUESTION
If I did a quit claim deed and if the other owner should default on the loan would the bank come after me for the amount due?
Asked on Jan 07th, 2017 on Bankruptcy - Kentucky
More details to this question:
I have a half ownership in a property. I no longer live at the property or in the state and the other owner has asked me to do a quit claim deed on the property. However the other owner took out an equity loan on the property. If so is there any way I could resolve the problem? I never signed the loan but the loan document shows both names on the property title that secures the loan. I just want to be sure that if I did the quit claim deed I would not be responsible for the debt. I did not receive any money from the loan.
4 ANSWERS
I would have to review all of the documentation to render an opinion.
Answered on Mar 08th, 2017 at 5:40 AM
You are only personally responsible for loans that you signed.
Answered on Mar 08th, 2017 at 5:39 AM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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If you didn't sign the PROMISSORY NOTE, then you don't have any personal liability. Signing a quit-claim deed has NOTHING to do with non-responsibility of payment on the note - THAT is specifically related to whether or not you signed the promissory note agreeing to be held personally liable.
Answered on Mar 08th, 2017 at 5:39 AM
Real Estate Attorney serving Florence, KY
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Linda S. Novakov & Associates, PLLC
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If you did not sign the Note, you are not a responsible party for the debt. If you signed the mortgage to subordinate your interest to the bank, that does not create liability to you.
Answered on Mar 07th, 2017 at 8:56 AM