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Arlene Parsons
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Post subject: quit claim deed |
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| My husband is a building contractor and built our home, when it was completed, he financed the home in his name only, and said I had to sign a quit claim deed because I was not on the mortgage. I did this. What does that mean in a community property state. Do I still own half of this house if we were to divorce. |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.95 Dollars($)
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Post subject: |
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If you had not contributed towards mortgage payments then you cannot claim any share out of the house even if you are in a community property state.
However, if you contribute towards mortgage payments and property maintenance then at the time of divorce you have the right to claim a share out of the house even if you are not on the title. In such situation to calculate share of each spouse the Moore Marsden Rule is used.
Miller |
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Arlene Parsons
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Post subject: Quit claim and divorce |
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| He used the money from the sale of our home to buy the land, which was in my name also, and to build the house. |
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carnahandavid
Joined: 21 Dec 2006
Posts: 239
58.41 Dollars($)
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| As joint funds were used in the purchase of land and for building the house you definitely have rights to claim share from the house during divorce. |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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Post subject: |
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Hi Arlene,
If your fund is also included in building up the house, then you can certainly claim a part of the house now. If needed, you can consult with an attorney for necessary legal action in acquiring yor share of the property. |
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chopstix
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Post subject: Help! |
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| If there is a lien on my property because of my spouse's debt, can I still take him off the title to our home using an interspousal transfer deed? |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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Post subject: |
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Hi Chopstix,
An Inter Spousal Transfer Deed transfers the property rights even if there is a lien against the same property. It is just like a quitclaim deed. But for taking your husband off the property title, you must take his concern as his signature will be required at the time of filling the deed. |
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chopstix
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Post subject: |
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| Larry, thanks for the reply. My husband is willing to sign a deed to take his name off the title. One more question, which deed is appropriate to carry such an action, quitclaim or interspousal deed? |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.95 Dollars($)
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Post subject: |
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| Quote: | | If there is a lien on my property because of my spouse's debt, can I still take him off the title to our home using an interspousal transfer deed? |
As the lien has been place on the title removing spouse from title will not result in removal of lien.
It will stay on the property and who gets ownership will have to repay the lien amount.
Miller |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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Post subject: |
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Hi Chopstix,
You can use any of the deed to remove your husband from the title. But as there is a lien against the house, it must have to be paid off. |
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tye
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Post subject: selling home to former spouse per divorce decree |
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| I purchased my home using my VA loan. my ex-wife and I are both on the mortgage. per the divorce decree, we are supposed to sell it and split 50/50, but my ex-wife has the option to purchase the house first. She is being told from an attorney that she cannot buy the home because her name is on the mortgage already and that I must sign a quit claim dead so that she can refinance. my concern is that the quit clain deed does not take my name off the mortgage, and I lose all my interest. So if for some reason she is not able to refinance then I will still be liable for the mortgage and she can sell the house and I will not receive anything. Could you please tell me if I stating the right concern and what are my options, becasue I do want to get rid of the home, but I want my name off and my VA loan back. Please help me |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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Post subject: |
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Hi Tye,
In case, your wife is unable to refinance the loan, then you can do a novation and transfer the mortgage in her name only. By doing a novation, you will be released from your mortgage liabilities. Then, it will be your wife’s duty to pay off the mortgage.
You can also do a quitclaim and transfer the property entirely to your wife. Your wife will buy out your share of the property in return of an amount of money. But make sure that she does the refinance at the time of quitclaim only. Otherwise, if the quitclaim is done earlier, then she may not refinance later after getting over the property.
BTW, you have stated that you want your VA loan back. But when you sell the house, the outstanding balance of the loan will be satisfied through the sale proceeds only. So, you cannot get VA loan back after the sale as the loan was taken against that sold property only. |
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ms. robinson
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Post subject: |
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| when i bought a property my husband signed a quit claim deed. after the closing and recording of everything i decided to include him again in the title. question can i remove him from it and have him sign another quit claim deed, thus indicating no ownership on the property? |
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Michel
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Hi,
Your husband has to sign the quit claim and remove his name from the deed if he is willing to do so. |
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general d
Guest
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Post subject: Interspousal transfer deed |
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| I live in California, my spouse and I are getting a divorce she signed an Interspousal transfer deed when I bought the home. What does this mean, is the house soley mine? |
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