Legal Question in Real Estate Law in Florida
My ex-husbnd and I purchased a home together while married. I quit claimed the deed to my hsband just prior to our divorce. Subseqently, the house went into forclosure. He filed bankruptcy. Am I still liable for the outstanding balance on the mortgage if there is a short sale?
2 Answers from Attorneys
If you are still named on the mortgage, then you are still liable. Even though you quit claimed the property, you gave a mortgage to a bank, and unless you got your name off that mortgage, you are still responsible for any security interest the bank has. This is the way I understand this very complicated area of law. I do this day in and day out and still don't know that I have it 100% correct. But, I think the bank would have a valid cause of action against you for the deficiency after short sale, and it would take a lawyer (smarter than me) to get you out of it.
If you are still on the mortgage, then you are still responsible.
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