Compare Mortgage Quotes

breathe_n_smile · Joined: 08 Oct 2009 Posts: 1 1.42 Dollars($)

My husband name and my name are on the mortgage loan and the house deed. Recently, I discovered he has several credit cards under his name only. Those credit cards all has large outstanding balance. For the past 2 years, I have been paying for the house by myself. What should I do to protect my house? My husband has agree to take his name off the house deed.

Thank-you!!!

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

You cna do quit claim deed and put the property only in your name.

His name will still remain on the loan, until youy refinance the laon in your name

savior70 · Posted: Sat Oct 10, 2009 3:55 am Post subject:

Hi breathe,

Both of you are on the title to the house, which means both of you have ownership interest in the property. The credit card companies, therefore, can come after your house for the debts incurred by your husband. He can transfer the property to you and take his name off the title. But such transfer at this point could be seen as a means to avoid paying off the creditors. The creditors in that case will have the right to reverse the transfer and put a lien on your property.

Guest

Thank-you everyone for your input. I think it's best if you talk to a real estate lawyer.

jveenstra · Posted: Wed Oct 14, 2009 1:00 pm Post subject: Credit Cards

Credit cards are not secured loans. They can not come after your house.

Hopefully, the credit cards are just in his name so that they do not affect your credit. If he fraudulently opened them with your name on them, your credit will be hurt by the high balances and, worse, affected more severly if he does not pay them on time or stops paying. If your name is on the cards, you will need to sue him to relieve yourself of any responsibility.

You can quitclaim deed the property into your name alone, however, if the mortgage comapnay finds out that you did that, it may trigger the due on sale clause which means they call the loan due in full and you are stuck refinancing or selling or being foreclosed upon if you can do neither of those.

The lender usually does not find out about any quitclaim deeds unless you pay late and they start investigating, or, if for some reason you told them that you did that.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

How to remove ownership of the house?