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Was your ex responsible for paying the property taxes during the 3 years? Is that stated in the separation agreement or divorce decree concerning disposition of the house?
If you provided a warranty deed to the purchasers of your home, this will come back to bite you as you are the one who signed the warranty deed. So, the short answer is YES, you can be held responsible. But that doesn't preclude you from suing your ex for the taxes IF it was his responsibility to pay them during that 3 year period. IF the taxes that are owed were personal taxes of his, i.e. IRS tax liens in his name only, then no, you probably cannot be made to pay those taxes.
I have no issue with real estate agents (disclaimer), but it sounds to me as though you need to get a lawyer involved because: who was responsible for property taxes during the 3 years, and getting an ex to pay up is always a difficult issue.
I can't answer your question but I can complicate the situation by including the following in the mix (an email discussion I had yesterday with our mortgage company rep). The rep couldn't supply any information one way or the other regarding potential damage to my credit rating (ref removing my name from the mortgage), only that the lender strongly suggests removing my name from the mortgage to get the lower interest rate - - this strikes me as a quick and dirty solution with long term negative implications (for me):
[question posed to mortgage company rep]
I have a question regarding your suggestion that my name be removed from the mortgage in order for us to obtain the lower interest rate. I need to know what the implications of this will be in the long term.
It seems to me that removing me from the mortgage will significantly lower the debt to credit ratio currently used to calculate "my" credit rating and/or my ability to obtain a loan (for a house, car, whatever).
If you're saying there's a problem with my credit history now (my credit rating is 690, while my husband's rating is 745) , is it not safe to assume that removing me from the mortgage simply add to this in the long term???
Even though you say my name will still be on the title, if my name is taken off the mortgage, the $ I now pay toward our mortgage (and will continue to pay, regardless of whether my name is on the mortgage) will be invisible in terms of my over all credit. It's not like the money will be accrued in savings or allocated toward any other asset that I could claim, it will simply be invisible. The house won't be factored into my overall credit score as a debt or credit (in terms of equity), I wouldn't even have a credit history in terms paying rent. Basically, I'll have nothing to show for the money I contribute toward the mortgage on our home every month.
In a nutshell, I would have to ask [you] what is the first question a lender would ask someone who is married, who is listed on the title to a home, but who is not on the mortgage? The question would be "why aren't you on the mortgage?" The answer, (easy to arrive at without my even providing a response) would be to assume that I have bad credit. The implication, whether true or not, would be just that.
[Response from mortgage company]:
"In response to your questions, I called one of our lenders and I reviewed your particular scenario, I wanted to be sure there was no other alternative. FNMA and Freddie Mac make the rules for mortgages guidelines regarding credit risks. Everyone agrees that you are not a credit risk and definitely an asset, but, the guidelines have been ratcheted so tightly unfortunately you are caught in this position. I asked specifically what they would do given your situation, and all said they would go off the loan in order to get the better rate."
My first thought when I read your post was "hijack, needs to be its own thread," but the hijack trend has continued, so I circled back.
Your lender is doing their best to explain, avoiding rudeness. I would have been a bit more direct. Bluntly, take your pick, lower rate, mortgage not in your name or continue as-is? It's that simple. Yes, there could be some impact for your name not being on the Note, but it does not define your credit score. I have many borrowers that have never owned with scores in the high 700's.
This has absolutely nothing to do with you being a credit risk, I don't even know why that was in the explanation. It's not rocket science, but it's also not up for debate. Lower score of the borrowers is used to determine the interest rate on the loan.
I'm am the only one on promissory note and Loan. Divorce decree stipulated that my ex had 3 years to purchase home from me and if in those three years he could not purchase the home, it would revert back to me and he loses all interest. Deed at that time was in both names. When the 3 years were up, I put the home up for sale and I had him sign a quit claim deed and it was recorded at the county, Home has sold and now we find when searching the title he has tax liens against the home, Should the county have caught that when the quit claim deed was filed and deed is now only in my name. Am I responsible for paying his taxes which is a large sum on money $23,000.00. My agent wants me to file a partial release with the state of MN. What and who does the partial release protect? The buyers? And am I still responsible for paying his debt. Divorce decree was documented and signed on June 16, 2012, and the lien was place July 14, 2015 which is after the 3 year date. Can they hold me responsible.
Quote:
Originally Posted by NY Annie
Was your ex responsible for paying the property taxes during the 3 years? Is that stated in the separation agreement or divorce decree concerning disposition of the house?
If you provided a warranty deed to the purchasers of your home, this will come back to bite you as you are the one who signed the warranty deed. So, the short answer is YES, you can be held responsible. But that doesn't preclude you from suing your ex for the taxes IF it was his responsibility to pay them during that 3 year period. IF the taxes that are owed were personal taxes of his, i.e. IRS tax liens in his name only, then no, you probably cannot be made to pay those taxes.
I have no issue with real estate agents (disclaimer), but it sounds to me as though you need to get a lawyer involved because: who was responsible for property taxes during the 3 years, and getting an ex to pay up is always a difficult issue.
Oops...I missed that possibility. Ccincotta, does this concern property taxes or, rather, is it a state or federal tax lien?
Hello,
My friend's estranged wife left their marital home seven years ago. They reside in Texas and she signed deed upon purchase of house, but did not sign mortgage documents or make any mortgage payments. My friend pays all of mortgage, utilities, repairs, etc. She was served divorce papers approximately 3 weeks ago but refuses to sign until she says she will contact her lawyer requesting half of assets. They have no marital properties/assets purchased during marriage. When she abandoned home, she took bedroom and dining room furniture and other home furnishings which her estranged husband purchased along with a car that she wrecked and left abandoned on highway.
Questions:
1) is she entitled to anything related to his assets obtained after estrangement/separation?: especially since she abandoned homestead?
2) is she entitled to anything related to house even though she has not paid on mortgage or any household repairs or assets?
3) is she entitled to any of his property acquired after their separation when she abandoned the homestead?; especially....
4) 401K or annuities?
Thank you very much for your response.
Last edited by PleaseHelpAsap777; 08-18-2016 at 07:03 PM..
Hello,
My friend's estranged wife left their marital home seven years ago. They reside in Texas and she signed deed upon purchase of house, but did not sign mortgage documents or make any mortgage payments. My friend pays all of mortgage, utilities, repairs, etc. She was served divorce papers approximately 3 weeks ago but refuses to sign until she says she will contact her lawyer requesting half of assets. They have no marital properties/assets purchased during marriage. When she abandoned home, she took bedroom and dining room furniture and other home furnishings which her estranged husband purchased along with a car that she wrecked and left abandoned on highway.
Questions:
1) is she entitled to anything related to his assets obtained after estrangement/separation?: especially since she abandoned homestead?
2) is she entitled to anything related to house even though she has not paid on mortgage or any household repairs or assets?
3) is she entitled to any of his property acquired after their separation when she abandoned the homestead?; especially....
4) 401K or annuities?
Thank you very much for your response.
Maybe. Your friend needs to consult with a divorce lawyer.
How old are the debts? If they are recent thats one thing, but if they are old, and passed the statue of limitations for being collectible thats something else.
If they are newer debts, put your name on the mortgage, not the deed. With your name not on the deed your creditors can not attach the property (from my understanding, others here might correct me). I have a similar situation. My name is on the mortgage, not the deed to our home, and depending on the bank and type of bills, they may or may not require these debts to be paid off. Medical bills tend to not need to be paid off, judgments banks ask to be paid off, but if the judgment is older, you can argue with the bank and some banks will waive this requirement.
My interest in the home is protected by a will, that in the event my fiance dies, I inherit the property. If one is married, the properties out of default go to the spouse if no will is created
Please read the OP .........2ND PARAGRAPH.......LAST SENTENCE
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