Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

quitclaim & morgage

Author Message
Icon Mini Profile curieldaisy92503





Joined: 12 Sep 2010

Posts: 3

1.73 Dollars($)
Post Posted: Sun Sep 12, 2010 6:20 pm    Post subject: quitclaim & morgage
Like 0
Dislike 0

Hi everyone. I live in California. I am concern because I own two different morgages. One of the property I signed a quitclaim deed to my son; He is now getting divorce and both properties have equity. Can court make me refinance on any of the properties to pay my son's wife half of the equity? Thanks so much for the help.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10562
Location: ALASKA
1089.18 Dollars($)
Post Posted: Sun Sep 12, 2010 9:22 pm    Post subject:
Like 0
Dislike 0

Welcome curieldaisy,

If the son's wife has her name mentioned on the property deed, then she will have community interest in that property. In that case, you'll have to pay her the equity for which you might have to refinance the loan.

_________________
Procrastination is the enemy of your financial success
Icon Mini Profile curieldaisy92503





Joined: 12 Sep 2010

Posts: 3

1.73 Dollars($)
Post Posted: Mon Sep 13, 2010 12:13 am    Post subject:
Like 0
Dislike 0

Thanks so much for answering. Question: Now when I purchase the property I was told the following: That if my son made payments for a whole year with his personal checks, that the mortgage & deed will get transfered to my son's name automatically. I was told that from the realtor. Is that possible? Is there such contract that will do that automatically or would I have to refinance the property to get the deed & mortgage transfered to his name?
Icon Mini Profile curieldaisy92503





Joined: 12 Sep 2010

Posts: 3

1.73 Dollars($)
Post Posted: Mon Sep 13, 2010 12:13 am    Post subject:
Like 0
Dislike 0

Thanks so much for answering. Question: Now when I purchase the property I was told the following: That if my son made payments for a whole year with his personal checks, that the mortgage & deed will get transfered to my son's name automatically. I was told that from the realtor. Is that possible? Is there such contract that will do that automatically or would I have to refinance the property to get the deed & mortgage transfered to his name?
FeettyDrienia

Guest







Post Posted: Mon Sep 13, 2010 1:58 am    Post subject: How to Save Money Buying a New Car
Like 0
Dislike 0

Looking to purchase a new car?? Want to save a lot of $$$ and not get screwed over by the car dealer?? Then you need to go to the web site below and learn how to negotiate with the dealer. You will recieve a FREE copy of the "Dealer Tips and Tricks" eBook. This eBook was formulated by 3 men all with 20+ years of experience auto sales. It is guaranteed to save you anywhere from $2,500 to $5,000 or in some cases even more on the purchase of your new car, and it is 100% FREE!! Come take a look today and SAVE!! Car Purchase eBook
Cealwheelry

Guest







Post Posted: Mon Sep 13, 2010 3:35 am    Post subject: Product Comparison
Like 0
Dislike 0

IFws.co.uk is a best price comparison internet site that allows you to compare the best deals.Compare prices, Read and write product reviews.You can find the cheapest deals in you country. Online shopping has never been easy as with IFws.co.uk!
Icon Mini Profile tfaulhaber1
tfaulhaber1
Community Expert
Community Expert

best lender badge

Joined: 17 Dec 2009

Posts: 562

75.68 Dollars($)
Post Posted: Mon Sep 13, 2010 4:16 pm    Post subject:
Like 0
Dislike 0

I have never heard of that and if you're worried that she will take half of the current equity in the home; I'd suggest refinancing now and pulling him off the mortgage and deed.
_________________
Theo (Ted) Faulhaber
516-403-9116
516-634-4417
tfaulhaber (at) vanguardfunding.net
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.079 seconds.