Sounds like you BOTH didn't

Posted by Reinstatement Services, Inc. on October 29, 2002 at 17:01:25:

In Reply to: Ex husband didn't pay posted by Naomi on October 29, 2002 at 10:28:31:

A quit claim allows you to formally relinquish your right to the property. You did not relinquish your obligation to the debt. Consequently, you are still legally liable for the loan.

While bankruptcy should be considered only as a last resort, we recognize that sometimes it is the only viable REAL solution. Because of this, we temper judgment calls on persons who find themselves forced to file.

What you will ultimately end up paying is unclear as there does not exist a standardized fee chart for foreclosure processing. Hence, fees and charges vary.

Generally speaking, should the property proceed to sale, you risk incurring all fees associated with the foreclosure process, possibly a deficiency judgment [depending on state law mandates]if the sale does not produce enough to cover the debt. There might be exposure to tax implications, and of course, significantly damaged credit.

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Comments:
: A quit claim allows you to formally relinquish your right to the property. You did not relinquish your obligation to the debt. Consequently, you are still legally liable for the loan.

: While bankruptcy should be considered only as a last resort, we recognize that sometimes it is the only viable REAL solution. Because of this, we temper judgment calls on persons who find themselves forced to file. 

: What you will ultimately end up paying is unclear as there does not exist a standardized fee chart for foreclosure processing. Hence, fees and charges vary.

: Generally speaking, should the property proceed to sale, you risk incurring all fees associated with the foreclosure process, possibly a deficiency judgment [depending on state law mandates]if the sale does not produce enough to cover the debt. There might be exposure to tax implications, and of course, significantly damaged credit. 


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