Mortgage liability

[CMSTEK]

What is the name of your state?IL

I divorced a year and a half ago. My attorney drew up the decree, my wife signed it and the judge signed it. The decree states that I have no financial responsibility to the home and that I would quick claim deed it over to her (which I did). I now find that I am still responsible for the loan and am informed by my bank that there is NOTHING I can do to get my name off the mortgage. She could just stop making payments and have a free place to live, unless I let the home go into foreclosure. My attorney did not inform me of this little snag. My credit is outstanding (even with the other house still on it), but what happens in 10 years, when she decides she doesn’t want the house (or the payment anymore), and I have to start making ANOTHER mortgage payment or destroy my credit with a forclosure. She won’t refi in her own name… What can I do?!?!? Thank you in advance for any advice you can give!

 

[BelizeBreeze]

File a contempt action against her and a motion to compel. Also, you can file for an amendment to the decree specifying the time limit she has to refinance the mortgage.

It's time you got your attorney off his ass and back in court.

 

[nextwife]

It is beyond me that someone's attorney would allow them to enter into an agreement like this without at least advising them of the legal implications of remaining on the mortgage.

 

[HomeGuru]

It is beyond me that someone's attorney would allow them to enter into an agreement like this without at least advising them of the legal implications of remaining on the mortgage.

**A: yes, it is obvious that his attorney was an idiot. so writer, write to this idiot and explain.

 

[CMSTEK]

Thank You!

Both of your (quick) responses made me feel like there is some hope in resolving this.... You folks are great!!! I am going to contact the attorney today and get this rolling......

Thanks again!

 

[HomeGuru]

Both of your (quick) responses made me feel like there is some hope in resolving this.... You folks are great!!! I am going to contact the attorney today and get this rolling......

Thanks again!

**A: keep us posted. I would like to know what the attorney's excuse was.

 

[CMSTEK]

Will Do!!

I will relay his response.. I want to get it writting, so I am composing the letter as we speak.... What are my chances of getting the judge to amend the decree? Thanks again to you all!

 

[Ciarraine]

I will relay his response.. I want to get it writting, so I am composing the letter as we speak.... What are my chances of getting the judge to amend the decree? Thanks again to you all!

Just one other suggestion--you could attempt to dispute your credit files with the major repositories (Experian, Equifax, Transunion) as regards the mortgage delinquency/foreclosure. While legally and technically you are responsible for the mortgage, you could nevertheless have some success removing the derogatories by documenting the fact that you were not supposed to be responsible. Ultimately the credit bureaus are interested in selling their customers a picture of your true creditworthiness.

Good luck.

 

[CMSTEK]

Credit

As it stands, my credit is still in good standing, she is making the payments... so I hope I never need to take that road... but thanks so much for the advice. I was lost in all the legal questions surrounding this, but you people have helped me emotionally as well as legally....

 

[HomeGuru]

I will relay his response.. I want to get it writting, so I am composing the letter as we speak.... What are my chances of getting the judge to amend the decree? Thanks again to you all!

**A: slim and none.

 

[HomeGuru]

Just one other suggestion--you could attempt to dispute your credit files with the major repositories (Experian, Equifax, Transunion) as regards the mortgage delinquency/foreclosure. While legally and technically you are responsible for the mortgage, you could nevertheless have some success removing the derogatories by documenting the fact that you were not supposed to be responsible. Ultimately the credit bureaus are interested in selling their customers a picture of your true creditworthiness.

Good luck.

**A: what? There is absolutely no reason for removal of derogs (if there were any) since the divorce decree does not override the mortgagors contractual liability.
Your posting here just shines with ignorance of both mortgage and credit reporting agency rules and regulations.

 

[Ciarraine]

**A: what? There is absolutely no reason for removal of derogs (if there were any) since the divorce decree does not override the mortgagors contractual liability.
Your posting here just shines with ignorance of both mortgage and credit reporting agency rules and regulations.

Contractual liability or not, he still stands a good chance of getting a deletion. Your comment shines with ignorance of credit repository actual practice.

 

[HomeGuru]

Contractual liability or not, he still stands a good chance of getting a deletion. Your comment shines with ignorance of credit repository actual practice.

**A: Oh brother, here we go again.
Fact pattern- married couple signs a mortgage note then divorces. Divorce decree states that he quit claims the property to her and she is responsible for the mortgage payments. She does not pay the mortgage and the lender submits a late payment history to the 3 CRA's which appears on his credit reports.
He sends the CRA's a letter of explanation and the CRA's request a response from the mortgage lender. The mortgage lender responds in a timely manner confirming that the subject indivdual is a mortgagor and the payments were in fact late.
How would he stand a chance of getting a deletion of the late payment history?

 

[Ciarraine]

**A: Oh brother, here we go again.
Fact pattern- married couple signs a mortgage note then divorces. Divorce decree states that he quit claims the property to her and she is responsible for the mortgage payments. She does not pay the mortgage and the lender submits a late payment history to the 3 CRA's which appears on his credit reports.
He sends the CRA's a letter of explanation and the CRA's request a response from the mortgage lender. The mortgage lender responds in a timely manner confirming that the subject indivdual is a mortgagor and the payments were in fact late.
How would he stand a chance of getting a deletion of the late payment history?

By filing a challenge with the credit repository following the statutory procedure and hoping for a good outcome. Files get deleted, paperwork review takes time, stuff gets sent to storage, human elements are involved, and the FCRA requires an investigation to be complete within a very short period of time. Complicating all this is that the OP has a set of paperwork to excuse himself from making payments on the mortgage that could confuse and slow the process.

Facts have nothing to do with it--as any credit repair agency will tell you. People can and do get valid information deleted from their credit reports all the time.

 

[HomeGuru]

By filing a challenge with the credit repository following the statutory procedure and hoping for a good outcome. Files get deleted, paperwork review takes time, stuff gets sent to storage, human elements are involved, and the FCRA requires an investigation to be complete within a very short period of time. Complicating all this is that the OP has a set of paperwork to excuse himself from making payments on the mortgage that could confuse and slow the process.

Facts have nothing to do with it--as any credit repair agency will tell you. People can and do get valid information deleted from their credit reports all the time.

**A: just as I suspected, you are using the thread in another way and not dealing straight on with the mortgage liability issue. Stop evading the issue and confusing the thread with your credit reporting dispute drama whcih we all know about already. Stick to the mortgage liability issue. Give a yes or no answer. Does the writer have mortgage liability, yes or no?