Deed of Trust

Question: Am I financially responsible for my home if not on the mortgage?

Trying to find out my financial liablity with my home. I am not listed on the mortgage. But I am on the title or deed of trust for the home. Sometimes listed as the Grantor and sometimes listed as a Grantee.
I really need to know if these means I am financially responsible if the home goes into foreclosure?
I am on the deed of trust with my brother who is solely listed on the mortgage. He has refinanced the house several times and I have not seen the last mortgage agreement.
At this point I don't know if house can be saved, I am just trying to determine my liabilty because I am on the title.

Answer: The first thing I would do is get my credit checked to see for sure. You can go to freecreditreport.com to have this done on your own. If you are not on the mortgage though, and just on the deed, you are in the best position possible. You are not responsible for the mortgage, but if it goes to foreclosure, the new buyer will need to have clear title to close. Since you are on the deed, you'll get first shot at buying it back for less, because it can't be sold to someone else with liens and encumbrances on it, or at least before a lengthy clearing process. It's really a pretty good position to be in. Of course, this is assuming you are not on the mortgage, which is why I stated previously you want to check your credit to make sure.

Good luck.

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Question: judgement case?

After 17 years my ex is taking me to court for 13,500 that was stated he receive upon sale of home. The home was never sold only refied .No attorneys were used and he signed a quit claim on the deed of trust.He's also requesting interest on the money,even though he never once mentioned this in the seventeen years since the divorce. neither did he ever tell the children he felt he was entitled to any money. I borrowed money from relatives in order to keep the home out of foreclosure in which case there would not have been any division of equity. I insisted they place a lien on the property to ensure the repayment of said loan and felt that was why he would agree to sign off the deed to ensure his children would continue to have the benefit of childhood home. Is ajudge likely to rule against me? Should I now hire an attorney to protect my interest ? Please help as I have little time to prepare my defense, which is very hard to produce given the lenght of time that has elasped .

Answer: Yes, you should hire an attorney. Unfortunately for you, your ex will cost you more money. However, I would venture to guess that he will lose. Too much time has passed. If the house was part of the divorce & included in the division of assets, he has waited way too long to (in essence) reopen the final decree. Also, if he signed a quitclaim, he signed away his interests in the house. A good lawyer should make short work of your ex. Demand that your lawyer include a counter-claim against your ex for "abuse of process."

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