Legal Question in Family Law in California
i am divorced. I quit claimed the house. My ex did not take me off the loan (and in doing our paperwork without lawyers 5 years ago) it doesnt say he had to take me off the loan. He had a documet drawn up saying I was not to be financially impacted if he died, and the family trust was to cover the house. I see that he has dissolved the trust. what can I or should I do? I have a paper from him saying he is fully liable for the loan, which allowed me to buy another place for myself... but i am concerned. Thanks for any advice. Live in CA
1 Answer from Attorneys
Your name is not going to come off the loan unless the bank approves, usually through refinancing. If he does not make enough money, or has credit problems, the lender will not approve.
With that said, if he defaults, the lender will more than likely foreclose. If the lender forecloses nonjudicially by way of trustee's sale, then the lender is prohibited from suing on the note once the foreclosure is complete.
The worst case scenario, however, is that you may end up with a foreclosure on your credit report.
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