Homeowners, be careful signing divorce papers

Without refi requirement, default could collapse finances

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DEAR BENNY: I am recently divorced. We had two houses. In the divorce, I got one and he got one. We both signed quitclaim deeds to each other. However, I needed to refinance mine to pay off the bills I accumulated just to get my house back into livable shape. (It was a rental while we were married.) Both houses have mortgage loans: Mine carries a rate of 6 percent and his is at 5.75 percent interest. Needless to say, there is no incentive for him to refinance that favorable loan rate. My ex is not the healthiest man, and my name is still on his loan. I told my lawyer several times through the divorce process that I wanted it stated in the divorce agreement that we both have to refinance. It did not happen. Even though a quitclaim was signed, what is my exposure if something happens to my ex, considering my name is still on the loan? --Becky DEAR BECKY: Why did you sign the divorce papers when they did not require your ex to refinance so that your name will get off of tha...