Legal Question in Real Estate Law in New Jersey
My ex signed the quit claim deed. I am noe in default on the loan. I was told he can sign simething that says he is "not financially responsible" to pay the mortgage back so it doesn't effect his credit anymore. Is this true and how do I go about it?
1 Answer from Attorneys
It is not true. He is liable to the lender until the mortgage is either paid off or modified by the lender to become your obligation alone. You should speak with the lender to see if they will release him. If they will not, he will continue to be obligated on the loan.
Keep in mind that this advice is based purely on the little bit of information that you have given to me. There certainly may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. You will only be able to rely on advice from an attorney who you have actually retained. Seek legal advice as soon as possible. Good luck! Rob Gleaner
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