Posted by John on September 09, 2005 at 22:09:15:
No, the lender will accept a payoff from anyone. They are not required to inform anyone. The fact the loan is paid off ends your responsibility. The spousal transfer deed gave away any ownership you may have had. This is common in a divorce where one spouse gives up ownership of the property but remains obligated for the loan.
Inter-Spousal transfer and a sale - Posted by Shari johnson
Posted by Shari johnson on September 09, 2005 at 12:22:19:
Dear Sir:
My question is this:
In 1993 I purchased a house with my now Ex Husband in the state of California. Our divorce was crazy, took many years. In 1999, I signed a Inter Spousal Transfer Deed. Is that the same as a quick claim deed? As a term of my signing, I was to remain on the loan. Our divorce was final Feb. of 2000
We have “Survivorship” on our loan. So if he had any problems paying for the house I would assist, so that I knew the house would always remain for my children. We also had a 25,000 home Improvement loan attached to the 1st mortage. Which was to be paid by the year 2004. By my daughters 18th birthday or the house was to be sold. Real Question: Does the mortage company have to contact me in any way when the house was sold. It was recently sold and my name was never removed from either loan. The house was never Re-Financed.