Question:
I signed a quit claim form and have a hold harmless statement wrtten into my divorce decree. My ex-wife has been delinquent with her mortgage payments and this has devastated my credit. I have talked to the creditor holding the mortgage and various other sources and I keep getting the message that I am ultimately responsible for the mortgage should she default. What was the point in signing the quit claim and hold harmless if I am not protected?! My future wife and I have been trying to purchase a new home and my credit score has been holding me back because of this previous mortgage. What are my options? Was this quit claim and hold harmless a total waste? It seems as though it is meaningless.
Answer:
File a Motion for Contempt with the court. You need to enforce the hold harmless provision. Request that the property be sold to remove your name from the mortgage. Hire an expert to testify about the value of your lost credit rating. Ask that your ex-wife repay you for your lost credit rating.
