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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi madinny!
Welcome to forums!
Even I think they are wrong in saying this. It will be better if you could contact a real estate attorney and take his opinion in this matter.
Feel free to ask if you have further queries.
Sussane |
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kelly62
Guest
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Post subject: do I have a home? |
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| I was divorced about three years ago. My ex was granted our house. He says he did a deed and had my name taken off the house. I have applied for a couple of loans and have been told that I have a open mortgage. I want to know how this could be? Whats going on here? Can you help me? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10475
Location: Nevada
989.76 Dollars($)
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Hi kelly,
Unless your ex refinances the mortgage in your name, you won't be able to get rid of the mortgage payments. So, it will be mentioned as an open mortgage in your credit report. You should contact your ex and ask him to refinance your mortgage.
Thanks |
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Don67
Guest
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Post subject: Heir for sisters property |
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| My sister has terminal cancer and in her will has me as heir to her townhouse. We recently filed a quitclaim deed for her property to avoid probate in Minnesota. She still has a mortgage on the property. My plan is to sell the property after she dies but not sure if there is anything else I need to do regarding her mortgage. Can I just put the house up for sale and pay off her mortgage from the equity? She also has me as executor in her will. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi Don!
Welcome to forums!
If you sell off the property, you will have to pay off the mortgage dues with the help of that sale proceed. if you don't do so, the lender may not allow you to sell the property.
Feel free to ask if you've further queries.
Sussane |
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cmartin
Guest
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Post subject: transfer of deed |
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| My hsuband and I did a subdivision and the deed for the new lot was in my name. When we went to buy more real estate our BAC broker said that the lot needed to go back to my husband and he could refiance the lot and then I would purchase new property. I think I had a very high credit score and my interest rate would have been lower. The whole deal fell apart on the new house anyway. Now I have the debt and he has the deed (deeded to him 2 years after the original subdivion) Can he sell it without me. What happens? Thank you |
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judy lohse
Guest
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Post subject: quit claim |
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| There is a mortage on the house with my son in law, my daughter, and myself. My son in law and daughter are separating on a 6 month trial basis. In the event of a divorce, my daughter and myself wish to still live here. My son in law has said he will sign a quit claim. Does this absolve him from mortage responsibilies? Would my daughter and nee to refinance the house? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Hi,
If the property is in your husband’s name, then he can sell off the property without your permission.
Welcome judy,
Signing a quitclaim deed won’t absolve him of his mortgage responsibilities unless you or your daughter refinances the mortgage.
_________________
Procrastination is the enemy of your financial success |
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mom inlaw
Guest
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Post subject: quitclaim deed |
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| i am on the mortgage for my daughter and son-in-law's house.They are going through a divorce. If i sign a quitclaim deed form, will i also loose the right to initiate the sale of the house if they default on the mortgage payments. I am listed as the main mortgage holder along with the kids. |
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HCJAX
Guest
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Post subject: Assumming the Loan |
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I just got divorce and I want to buy my ex-wife out of the property. I offer here cash to buy her out and she agreed. I called the bank to assume the load solely on my name and they told me that I have to qualify for my loan that I am paying today. Since the divorce, my ex damaged my credit; therefore, I don’t qualify for a refinance. However, it is my loan today so what is the differences. I am making the payments.
Since I am buying her in cash, I will continue with the same loan, how can I remove her from the loan so she can sign a quick claim deed only on my name? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
To Guest,
If you sign a quitclaim deed and transfer the property to someone else, you will lose the ownership of your property. Thus, you won’t have the rights to sell off the property.
To HCJAX,
Signing a quitclaim deed will only remove her name from the property deed. It won't remove her from the mortgage. You will either have to refinance, assume or go for a novation to get the mortgage transferred in your name.
Feel free to ask if you've further queries.
Sussane |
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em j
Guest
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Post subject: quick claim deed |
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| My daughter loaned money to her boy friend for a down payment on a house. he now does not want to pay for the loan. She is on a quick claim deed for the house. She is not on the mortgage of the house. Is she responsible for payment on the house if refuses to pay his loan? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi em j!
Welcome to forums!
If your daughter's name is not mentioned on the mortgage docs, then she is not liable for paying the mortgage payment. However, it is true that non-payment of mortgage will lead to foreclosure and your daughter may lose the property.
Feel free to ask if you've further queries.
Sussane |
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