Quit Claim

Tkhicks · Joined: 19 Dec 2005 Posts: 2 0.32 Dollars($)

Hi,
I am my husband's second wife. He is currently paying child support, however he has some arrears( inBoston). We are about to purchase a home and I am afraid that a lien will be placed againt my new home ( in NC) for those arrears. Can my husband sign a quit claim to surender his rights to the property so that only I have claim to any equity or financial interest once its sold in a 5 to 10 years?

Samantha · Posted: Mon Dec 19, 2005 1:34 pm Post subject: quit claim deeds

Hi Tkhicks,

Welcome to MortgageFit Forums.

Good news to hear about your new home. I don't think that alien will be placed on your new home for the outstanding on some other.

As for quit claim deeds are concerned, these deeds help to transfer the title ownership of the property and has nothing to do with your mortgage or other outstanding.

Even after your husband signs the quit claim deeds, the old balances still stay in his name and he is responsible for its clearance.

So, you can move on with your new home planning and plan for the repayment of the previous one although they are separate cases.

You will get valuable information on the topic of quit claim deeds here.

God bless you.

For MortgageFit,
Samantha

Guest 0.10 Dollars($)

Hi Tkhicks,

I am very sorry to say that quit claim deeds will not allow him to surrender his outstanding.

So, just asking him to sign, will not help in removing the mortgage from his name. However you can proceed with new home plans.

Wish you best of luck.

James Hogg

Guest 0.10 Dollars($)

My husband and I are both on the title of our home. My husband is the only one on the loan. At this time there are NO liens on our home. However I have several unsecured loans right now in my name only that I'm having a hard time paying. I'm trying to set - up payment plans with them. However sometimes creditors are not patient. To be proactive I'm will to sign a quickclaim deed to get my name off of the title of the home incase a creditor trys to put a lien on the home. Will a quickclaim deed protect me of this and does my husband have to know I signed the quickclaim deed?

Guest 0.10 Dollars($)

Hi,

I can feel your problem. At least you keep your cool and go ahead with your payment plans.

You can quit claim the property to your husband to protect it from the creditors. Consult an attorney on the issue and to help you with the quit claim deed.

You can do it without your husband knowing of it but that also should be done after discussing with the attorney as I don't want you to be in some unnecessary problems in future.

blue · Posted: Tue May 16, 2006 2:54 pm Post subject:

Hi,

So far I know the creditors for unsecured debts can't just put a lien on your house unless it is tied into your house. In case of default it can sue you for the amount that is due.

If they can manage a judgment against you then only they can place a lien on your home.

You can quit claim the property to be on the safe side but I feel it is better to let your husband know of the fact if you don't want any misunderstandings.

In any case a lawyer will be the best person to guide you on the matter. Discuss with him all the requirements fully and follow his suggestions.

Regards,
Blue

Guest 0.10 Dollars($)

My 75 yo parents own a home which they got a terrible mortgage on about a year ago. My father became ill early this year and my mom wants to get his name off the property (in ca) because she heard that medi-cal will take his bills out of the equity in the house if he dies. They plan on giving the house to sell and share the proceeds equally to their five children in two years. They had a bankrupcy about three years ago and one of us kids, who all have good credit, will have to take out a new loan to get out of this 1% neg arm loan now. They are willing to transfer equity now, but what should happen to the title. I can't see one being responsible for 100% of the loan but only having 20% of the title.

Guest 0.10 Dollars($)

Hi Joanne,

Your father can prepare a quit claim deed to transfer his interest in the home in the name of you and the other kids.

For the loan you can all be part of the new loan instead of just one kid so that all have equal share of the loan as well of the home.

Hein L.

Guest 0.10 Dollars($)

Hi,

It seems strange, i mean I don't think a lender will make 4 or 5 people responsible for a single loan. The properety can be divided among the 5 children while you can sign on the loan along with one or two persons as the cosigner.

A cosigner has the liability to pay off the loan in case the primary borrower fails to pay down the debt. The lender will prefer the cosigner's name to be on the title to the property.

Guest 0.10 Dollars($)

when you sign a quickclaim deed over & also a new homestead filing (clark cty, nevada) what would happen if their is a lienon property? all notorized.

helping_user

Welcome Hoooper,

The homestead is filed against the property. Hence when you quit claim the property and no longer remain the owner, you cannot make use of the homestead protection.

If the lien is worth the protection provided through the homestead, then creditors cannot take over the property from the new owner.

Thanks

Guest 0.10 Dollars($)

when you do a quick claim, should ref-file homestead exemption or you will not have opportinity to do so?

Guest 0.10 Dollars($)

what would happen if there is lienon property

Guest 0.10 Dollars($)

When you quit claim the property or change the way the property-title is held, then homestead should be re-filed.

adonis · Posted: Sun Jan 21, 2007 11:59 pm Post subject:

Doesn't matter Sacha, if there is a lien on property, even then you need to refile homestead when you quit claim property. And, you need to continue paying for the lien to clear the property-title.

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