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quitclaim & morgage

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curieldaisy92503 Joined: 12 Sep 2010 Posts: 3 1.73 Dollars($)	Posted: Sun Sep 12, 2010 6:20 pm    Post subject: quitclaim & morgage Like 0 Dislike 0 Hi everyone. I live in California. I am concern because I own two different morgages. One of the property I signed a quitclaim deed to my son; He is now getting divorce and both properties have equity. Can court make me refinance on any of the properties to pay my son's wife half of the equity? Thanks so much for the help.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	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
curieldaisy92503 Joined: 12 Sep 2010 Posts: 3 1.73 Dollars($)	Posted: Mon Sep 13, 2010 12:13 am    Post subject: Like 0 Dislike 0 Thanks so much for answering. Question: Now when I purchase the property I was told the following: That if my son made payments for a whole year with his personal checks, that the mortgage & deed will get transfered to my son's name automatically. I was told that from the realtor. Is that possible? Is there such contract that will do that automatically or would I have to refinance the property to get the deed & mortgage transfered to his name?
curieldaisy92503 Joined: 12 Sep 2010 Posts: 3 1.73 Dollars($)	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?
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tfaulhaber1 Community Expert Joined: 17 Dec 2009 Posts: 562 75.68 Dollars($)	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

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