What is the best way to handle this?

trm19889 · Joined: 09 Aug 2007 Posts: 1 1.43 Dollars($)

My fiance and his ex wife have a home, the mortgage is still in his and her name. She has been living in it since 1999 and making all of the payments.

He wants her to refinance the home and get his name off the mortgage. She got an attorney to send over a quit claim deed. This just has him signing the property over to her and not taking his name off the mortgage right?? What steps should he take as far as making sure he doesn't get screwed over by her again.?

ckalvesmaki · Posted: Thu Aug 09, 2007 7:08 am Post subject:

A quit claim deed does not remove him from the mortgage. So if she makes a lte payment his credit will be affected. She needs to refi the mortgage. He will need to sign some paperwork at closing........ie TIL,itemazation of finance charges,The hud note and deed of trust. Once the loan has funded he can then sign a quit claim deed.

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.17 Dollars($)

Cedric is right. Just quit claiming the house won't do. You need to make her agree to refinance the mortgage in her name. As she is already making all the payments, I think she will not have major problems with getting the refinance.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Hi Trm,

You can go through this following page to know more about how a quit claim deed can be used in ownership transfer and avoid making any mistakes - http://www.mortgagefit.com/quitclaim-deed.html

gmakerley1 · Posted: Thu Aug 16, 2007 6:56 am Post subject:

One of the above posters suggested refinancing jointly, and then filing a quit claim deed to change ownership. This would not eliminate your fiance from responsibility for the mortgage payments.
Your original post indicates that his former wife's lawyer forwarded a quit-claim deed for his signature. Does he not have legal representation? If not, why not? Any time you enter into a real estate transaction or anything relating to marital issues, or both, it is advisable to have legal counsel.
At this time, I suggest you do nothing until you speak with counsel. If there are negotiations to take place, each of the attorneys can work on that in tandem with him and his ex-wife.
Simply be careful.

carnahandavid · Joined: 21 Dec 2006 Posts: 239 58.40 Dollars($)

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Gmakerley,

I think you are right as refinancing jointly will not remove Trm's fiancé off the loan. The loan will still be on both of their names. What he can do is talk to the lender and refinance by taking a new loan in his name solely. In this way, he will be able to move out of the joint loan.

And here an attorney will not be able to help him much. He must talk clearly to the lender.

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