My wife and I took out a personal loan in 2006. We both signed the contracts, my name first. We had to use our home (which has both of our names on the deed) as collateral. We have since divorced and now she has asked me to sign a Non Warranty Deed on the house. My question is…will this excuse her from having any responsibilty for the loan? She still lives in the house.
If you sign the house over to her you may become personally liable on the note, it will not relieve her from liability on the loan.