What are the possible ramifications if I sign a deed in lieu for my ex?

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What are the possible ramifications if I sign a deed in lieu for my ex?

My ex-husband purchased a home when we were going through our divorce. I am not on the mortgage but did have to sign the papers and do a quitclaim deed to release my interest. Now, 6 years later, he is walking away from the house with a deed in lieu and they need me to sign off on it. Is there any financial risk to myself in signing off on it? I have been told it is just because the bank wants to be sure I will not come back and say I have vested money into the property since WA is a community property state and we shared funds at the time of the purchase. Nothing shows on my credit report.

Asked on September 18, 2011 under Real Estate Law, Washington

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

From what you have written I see no potential negative ramifications if you sign a deed in lieu of foreclosure concerning a home that your former husband purchased when you were going through your divorce where you were not on the loan for the home's purchase and are not in its legal title.

If you are concerned about any ramifications concerning the requested deed in lieu for foreclosure concerning your former husband's home, you might want to consult with a real estate attorney about the bank's request as to you.

One option is for you to sign a quitclaim of all interests that you may have in the real property at issue to your former husband rather than doing the deed in lieu of foreclosure.

Good luck.


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