How to Relinquish Ownership of Home

[Skyerockit17]

My question involves a marriage in the state of:New Jersey

My divorce is pending in NJ. I rent in CO, soon-to-be-ex lives in jointly owned house in NJ. He was laid off and has not paid mortgage (his responsibility per property settlement agreement,) since October, 2011. He has not paid his responsibility for debt on my credit cards since October, either, and I began CH. 7 BK proceedings in November 2011.

The house will most likely be a short sale, but my research and hopeful answers to similar question posed in the Real Estate forum, seem to indicate that I should proceed with my BK and avoid the short sale as almost a moot point, let alone detrimental.

Ex is all over the place (aka, nowhere,) in his approach to sale of house. I just want to remove myself from any association/liability toward it and allow him to make his own decisions in his own time. May I, or do I even need to, file a quitclaim to him?

Are there other options? (No children, no plans to buy home in future.) I just want to move on with, and rebuild my personal and financial lives.

[jk]

May I, or do I even need to, file a quitclaim to him?

some form of deed whether it be QC, warranty (several types of warranty deeds generally), or anything else your state might have would be required to transfer your interest to him. That is how it works.



BUT relieving yourself of ownership interest does not relieve you of the financial liability. Even the property settlement between you and the ex does not actually relieve you of that liability to the actual lender. It allows you a basis for an action against your ex but if it came down to it, the lender could sue you or the ex or both in anything dealing with the loan. So, it is generally not advisable to relinquish your interest in a property as long as you have a financial liability for it.