paper work for home

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Old 04-19-07, 03:39 PM
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paper work for home

I am going through a divorce and my wife is buying a home she wants me to sign a deed of trust will this make me responsible for her home loan?
 
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Old 04-19-07, 04:10 PM
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A good rule of thumb is never to sign anything for an ex-anything. I'd decline.
 
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Old 04-19-07, 04:26 PM
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Hopefully, you have legal representation. "Will this make me responsible for her home loan?" Yes. Depending on the language of the deed of trust, you may have the opportunity to satisfy the debt in the event of default. Typically, the trustee has the power of sale--to put the property up for sale at public auction for the amount of debt plus foreclosure costs. Language can vary greatly in deeds of trusts and spell out exactly what the trustee can do. In essence the dirty work of selling to satisfy the debt is placed upon the trustee. This places you in the middle between the lender and your ex-wife.

http://realtytimes.com/rtcpages/20050207_deedoftrust.htm

http://law.jrank.org/pages/6022/Deed-Trust.html
 
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Old 04-19-07, 04:27 PM
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This is entirely state dependent and where you are in the divorce could make a difference.

This is one of those situations where speaking with a local attorney that is privy to the entire situation would be a good idea. Since the stbx wants this, ask her to pay for a meeting with an attorney.
 
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