Is he on the mortgage? If so, then he is still responsible for the debt even if he quit-claims the property to you. Normally you would be required to re-finance to remove his name. Alternatively, you can agree to a "hold harmless" clause in the settlement (you take full responsibility for the debt).
Yes, he is on the mortgage. The original papers stated that I have to refi within 2 years and remove his name from the mortgage. What is this "hold harmless" clause? We have a 30-year fixed at 5.75% and I would rather not refi, but if that is what I have to do to get the house I will. Also, I read somewhere there was a way for a bank to remove a borrower from the mortgage if the other borrower could qualify on their own. Anyone know anything about that?
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At this point I think he is still feeling guilty, and therefore inclined to be "generous" to assuage that guilt. That will eventually change.
He is definately feeling guilty and rightfully so. He cares too much about what everyone thinks, so unless he is going to disown everyone, he feels that he has to be generous in the D, in order to keep a little dignity with his family and friends and even me.
M:28, D finalized: 8/28/07 Current Thread
"When life gives you a hundred reasons to cry, show life that you have a thousand reasons to smile."
