Do I have any options?

[DinVa]

Jurisdiction

Tennessee

First thing, I understand my ignorance is to blame for my situation. I divorced in Decemeber 2016. We did so buying the paperwork online and without involving attorneys. The entire process went smoothly without us arguing etc. We agreed to let her keep the house, due to her agreeing to refinance (with her father cosigning) and remove me from the loan. Based on everything else we had done going along exactly as we had agreed I went ahead and signed the quit claim deed. Since then she has has made every mortgage payment late and has yet to move forward with the refinancing. It has not affected my credit so far but i feel it is only a matter of time. We did not include a time frame that she was to have this taken care of in the papers (my ignorance). It is also fair to mention she is drawing disabilility and can not refinance on her own due to her fixed income. So what options might I have to get me off that loan?

 

[army judge]

So what options might I have to get me off that loan?

You start by discussing your needs with the lender.

Be advised that lenders are reluctant to let the big fish off the hook when the little fish is slow to pay, or late to pay.

Don't beat yourself up, mate.

Even if you hired a lawyer in an attempt to get you off the hook for the note, he or she would have failed as miserably as you did.

The dirty little secret, lenders rarely allow one fish off of their hook.

A lender wants someone to come after.

However, there is a way to get out from under the note.

You can file for chapter seven bankruptcy, if you qualify.

The BK discharge will LEGALLY take the lender's hook out of you mouth, and she'll be left with the house and the debt, just as you both had agreed.

 

[adjusterjack]

So what options might I have to get me off that loan?

As a practical matter: None.

You're concerned with your credit so bankruptcy is not likely to be attractive to you as it will destroy your credit for years to come.

Signing the quitclaim deed was a mistake. You should have retained ownership until refinancing was in place or if you needed to force the sale of the home with a partition action.

You could take her back to court for contempt but, considering her disability, I doubt if any judge is going to penalize her.

Seems to me that you are stuck for the duration.

 

[DinVA]

Thank you for the advice folks. If nothing else, you are right about signing that being a mistake. Maybe someone else can benefit from my situation by being aware of my mistakes.

 

[army judge]

Thank you for the advice folks. If nothing else, you are right about signing that being a mistake. Maybe someone else can benefit from my situation by being aware of my mistakes.

Not to disparage or wish ill upon anyone, but you are still among the living.
You also aren't bed ridden, and you can earn your living.
On the other hand, look what has happened to her.
There's a lesson in there mate.
My dad always told me, lose your money, you can always get more money.
You might have to get a second job, work more hours, but as long as you have health; you can earn more money.
The problem isn't a problem until the day comes when you can't earn a dollar.
God bless.