Can we quitclaim a portion of a house to avoid iability in a foreclosure?
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Can we quitclaim a portion of a house to avoid iability in a foreclosure?
My husband, his brother and sister inherited a house the had a revese mortgage on it and is is now upside down on what is owed on it. His father is the one that signed for the reverse mortgage. The house is now in foreclosure. My husband wants to get out from this problem by selling his portion of the house for $1 to his brother or sister in a quitclaim. Is it possible to do this and not have any problems or pay anything out on the house?
Asked on June 6, 2012 under Real Estate Law, Florida
Answers:
Mitchell Goldman / Law Offices of Cantwell and Goldman, P.A.
Answered 12 years ago | Contributor
Unless your husband signed the note, or otherwise guaranteed the note, he is not personally responsible for his father's debt. If your husband deeds the property to a third party, he should not be a defendant in the foreclosure litigation.
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