Mortgage debt liability vs. divorce agreement
Question Details:
A mortgage note was signed by both husband and wife. The divorce agreement specified that husband would get the house and be responsible for all payments related to it (mortgage, taxes, HOA fees, maintenance, etc). A quitclaim deed was signed by wife transferring her interest in house to husband. Husband defaulted on mortgage payments. Bank is now going after wife for mortgage balance. Is she responsible in any way for the outstanding balance?
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Yes. The mortgage should have been refinanced at the time of the divorce. Since her name is still on the note, she is responsible.
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