Should I file a quit-claim deed? House is in short sale after receiving notice of foreclosure.

You have a lot of complicated questions that probably deserve more attention than is possible here in a quick posting. (i.e. you are interested in commission of RE agent; use and poss'n of house; execution of a quit claim deed; liability for deficiencies on mortgage; property taxes; phantom gains. The following is GENERAL INFO -- you really need to have someone look at your specific facts 1. generally speaking the RE listing agreement will govern the agent's right to a comission -- if the listing expires it usually does not provide for payment of commissions unless the buyer was procured prior to expiration of the listing --- so you or a lawyer would need to review the listing agreement closely. 2. use and possession of the house is something that shoudl be set out in whatever agreemen tyou have with your ex --- if there is no agreement, then you both have a right to occupy it 3. quit claim deed --- why would you be doing that? what are you trying to accomplish -- hard to answer that question without understanding why you want to convey your interest. 4. liability on deficiency -- if you did not sign the mortgage then you are not liable on it --- however, it seems odd that bank woudl have loaned without having you sign. are you already divorced -- if divorce is not final yet -- you may want to work this out before you finalize divorce b/c you have great leverage over the bank for negotiating if the property is TxE but they dont have both signatures on the note. --- if you are the owner as tenant in common, and are not on the note, then theoretically the bank can't get the entire benefit from a foreclosure -- only 1/2 of the benefit; (i.e. there should be some money for you coming at the sale) -- you shoudl talk to an attorney to make sure about your rights on this. ... and the foreclosure is a different beast b/c they can't really sell your part --- so they have to make a deal with you in advance, or go through other proceedings to sell in lieu of partition before they can foreclose. 5. If the house is sold (by f/c or any other means) then your capital gains tax will be determined by the difference between your share of the sale proceeds and your basis in the house. You will probably need to talk to an accountant and an attorney to determine your basis in the house. 6. since you are a co-owner you are liable for taxes to the extent of your interest in the property. 7. i dont' understand the question about deed in lieu -- if for some reason you decided to simply contribute your share to Husband in a deed in lieu of f/c, the same analysis re tax implications would come into play (though note that debt forgiveness arising from a deed in lieu is not taxalbe right now at least til the end of the year when the law expires.

This question deserves attention and dialogue because a lot of it just does not make sense. If the issues could be framed I see them as follows: 1) "My ex is on the loan.....I am not on the loan"......"I was forced to sign listing agreement" What does all that mean? Are you on the deed but not the mortgage? On the mortgage But not the deed? Why and how we're you "forced" to sign a listing agreement? 2) The title refers to a "foreclosure" and a "short sale": Are you responsible for deficiency? Taxes? It depends almost entirely on number 1? 3)"Divorce decree makes him responsible for taxes etc". "I am entitled to live in the house so long as he does, up to two years"? : That does not make any sense. I have never seen a divorce decree that mandates the divorced couple to live together for any period of time! 4)"Is it beneficial for me to file a quit claim"?: What are you trying to accomplish? Who would be quitting the claim (ownership)? Who is on the deed!!! This is not legal advice and does not form an attorney client relationship. An accountant may be as much help to you as a lawyer because at the end of the day the documents that answer the above questions are what need to be reviewed and if you don't have them you could get them all very easily.