My divorce was finalized a year ago and the equitable distribution order has just been signed. My ex received the marital home in the ED. We are both listed on the home mortgage. The ED agreement reads, My ex shall be the sole and exclusive owner of the marital property. My ex shall be solely responsible for the mortgage indebtedness on this real property and shall indemnify and hold me harmless from said indebtedness. It also states, The parties shall execute any and all documents necessary to effectuate the terms of this Order, including transfers of accounts and money assets, titles and warranty deeds. My ex is now asking me to sign a quit claim deed but refuses to refinance to take me off of the mortgage. Does this order protect me until it sells or refinances eventually? Will this mortgage be held against me when I try to buy my own home? If the mortgage payment isn’t made will it go against my credit? Will my signature be needed to eventually pay off the loan when it sells or she refinances? Can I be forced to sign the quit claim deed? Should I sign the quit claim deed or refuse until it is refinanced?
Not an attorney but this was part of our separation agreement and he let the house go into foreclosure and now my credit score is in the 500s. You are still a part of the mortgage until your name is off the deed. Hope this helps. Charlotte Joyner
Until she refinances or sells the home, you your name will remain on that mortgage. It will impact your ability to get another mortgage and if she misses payments it will affect your credit. For this reason, agreements typically state that the party keeping the house is required to refinance within a certain period of time. I would not sign the deed until she refinances.