Home arrow Mortgage Forums arrow Deeds, Property Transfer and Estate Planning arrow

advice for my friend

Author Message
tricia

Guest







Post Posted: Sat Jun 06, 2009 11:23 am    Post subject: advice for my friend
Like 0
Dislike 0

My friend is in the middle of a divorce. Her attorney is pushing for her to receive the house in the marriage settlement. She has told him that she doesn't want it because she feels that she can not afford the house. Yesterday she told me she had purchased quitclaim forms so she could quitclaim the house over to her husband if the judge gives the house to her. Would this actually free her from any financial responsibility for the mortgage? Or should she do as her attorney advises--accept the house--refinance--use the equity to pay her mortgage and try to sell it in a few years when the market recovers here in Colorado?
Icon Mini Profile Realgeni





Joined: 13 Apr 2009

Posts: 1434

99.76 Dollars($)
Post Posted: Sat Jun 06, 2009 8:18 pm    Post subject:
Like 0
Dislike 0

Tricia,

Welcome to the forum.

If your frind gives quit claim after the divorce, she is stillresponsible for the loan. Only way she can get her self out of the loan woudl be either sell the house or ask the husband to refiannce after giving him the quit claim deed.

She can absolutely go with her attorney's advise and refinace, btu make sure she can show income to support the payemnt and also the house need to have some equity for her to get this done quickly and easily.

Good luck and feel free to ask

Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4770
Location: New Jersey
499.28 Dollars($)
Post Posted: Sun Jun 07, 2009 3:49 am    Post subject:
Like 0
Dislike 0

Hi tricia

If your friend has signed the mortgage, she would be responsible for it though she signs the quitclaim deed. However, if her husband refinances the property in his name, then she will not remain liable for the mortgage dues.

If her husband is not ready to refinance, it's better that she keeps the property, refinances it and uses the equity to pay off the debts. Later on, she can sell off the property when the market improves.

Thanks

_________________
Good is the Enemy of Great.
Icon Mini Profile Realgeni





Joined: 13 Apr 2009

Posts: 1434

99.76 Dollars($)
Post Posted: Sun Jun 07, 2009 10:25 am    Post subject:
Like 0
Dislike 0

tricia

One thing we did nto ask?

Do you know if your frinds house has some equity or it is in the same situation as other houses?

Good luck
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

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Attorney
Joshua Heard - Attorney Joshua Heard
Houston, Texas






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


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool






Community Chat

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 21.084 seconds.