Why am I being asked to sign a paper that takes me off the t

ladygalatea · Joined: 08 Nov 2008 Posts: 1 1.41 Dollars($)

I was recently laid off work because of the rotten economy. In the meantime, I have a car payment that I cannot make without working. So, my x-husband who is on the title of the house that we share, went to get a home equity loan so I can pay off the car payment and another high interest account until things improve and I get back to work. The first mortgage is paid in full. But, I am being asked to take my name off of the title of the house and I don't know why.

elnoralittle · Posted: Sun Nov 09, 2008 9:11 am Post subject:

I wouldn't sign anything that removes you from the title of your home without consulting a lawyer.
You would have zero rights to the home if you did this.

It sounds like you have an okay relationship with your ex since he is willing to take a loan out in his name for you. I don't want to judge what the two of you have, but to me, it sounds a little shady that he is taking the loan in his name, but asking you to turn over your house to him...

I would be very careful.

In order to get a home equity on a property that he is not living in, is slightly difficult.

If you could download the document onto our forum for some of us to look at, I would do that, also , get a copy of your x husbands loan application

carlpruitt · Posted: Sun Nov 09, 2008 7:34 pm Post subject:

It sounds like he is trying to get the home equity loan as an owner occupant. It is also quite common for lenders rules not to allow anyone on title who didn't qualify for the loan. Many people get into the gray area by quit claiming the other person off the title and then putting them right back on after the closing. Most likely that would technically put him in violation of the terms of the equity line.

He may need to look for another lender that will simply allow you to sign the security instruments without being a qualifier on the loan.

smithsussane · Posted: Sun Nov 09, 2008 8:07 pm Post subject:

Hi ladygalatea!

Welcome to forums!

I agree with Elnora. If you sign away the property in his name, you will be losing all your rights to the property. It will means that you are giving him the house in return of the loan that he is taking. This means that you would lose the property. I would suggest you to consult an attorney before signing any paper in his name.

Feel free to ask if you have further queries.

Sussane

Guest

Thanks you guys, I will take you advice. He even told me that this needed to be done to get the loan and as soon as we do get it, I can sign myself back on the title. I'm thinking that is a crock.

jameshogg · Posted: Sun Nov 09, 2008 11:08 pm Post subject:

Hi suzi!

You cannot sign a deed back to yourself. It is he who needs to reverse quitclaim the deed in your name. Apart from this, the lender may take this as a fraudulent transfer and call the loan due immediately.

Thanks.

elnoralittle · Posted: Mon Nov 10, 2008 6:43 am Post subject:

I agree with Carl and James. I think your ex should try to find someone to complete the loan with out removing you from title. You could just go on title and not go on the loan.
And that if you sign the quit claim and then reverse it, it might be considered fraud and they would call the loan due, which could mean you could lose your house if you couldn't pay for it. If the loan officer that your ex is using is suggesting you do that, he is also committing fraud and should be reported.

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