QUESTION
Does a quit claim deed exonerate exhusband financial responsibility from mortgage deficiencies if shortsale is approved? He is the co-borrower on loan
Asked on Dec 13th, 2011 on Real Estate - Florida
More details to this question:
Marital home from divorce that he was responsible for according to MSA. Ex husband will not cooperate to provide financial info. I have provided all required my financials regarding the marital home but bank said they need his info or quit claim deed is needed.
1 ANSWER
Probate & Trust Attorney serving Sarasota, FL
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Christopher K. Caswell, P.A.
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No, only the lender can release a party from the obligations of a note and mortgage. Of course, the wife can indemnify the ex-husband from any liability, but that is merely a promise to pay and does not eliminate the liability of the ex-husband the lender obligations.
Answered on Dec 15th, 2011 at 3:25 PM