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bsherb13 · Joined: 13 Nov 2008 Posts: 4 2.25 Dollars($)

I want to pay off my mortgage and it is still in me and my ex husbands names. I have a certified copy of my divorce decree where I was awarded the house in the divorce that took place in 2000. I was wondering what steps I need to take to change the names as the owners to me and my present husband? Also how long will the process take?

gmakerley · Posted: Thu Nov 13, 2008 8:40 am Post subject:

bsherb, i'm not quite understanding your questions. first of all, you wish to pay your mortgage in full. well...nothing is stopping you from doing so, as long as you have the funds to do so.

that you acquired the home in 2000 in sole ownership wouldn't affect the original mortgage, if you plan to pay it off. as for transferring title from you to your spouse and you, a simple quit claim deed will be sufficient for that purpose.

the length of time is minimal. prepare a deed, sign it, record it and you're done.

bsherb13 · Joined: 13 Nov 2008 Posts: 4 2.25 Dollars($)

What is a quit claim deed and where do I get one?

bsherb13 · Joined: 13 Nov 2008 Posts: 4 2.25 Dollars($)

The house was awarded to me in the divorce, but the mortgage statements still come addressed to me and my ex husband. I am trying to get his name off without re-financing the loan. Me and my present husband have the means to pay off the loan in December.

gmakerley · Posted: Thu Nov 13, 2008 8:45 am Post subject:

it's a simple method of transferring title. in essence, the act of quit claiming is transferring whatever interest you have in the property to the other party or parties. here, as i noted, you'd be transferring title from the one of you to the two of you.

such forms can often be found at stationery stores; online (just search on google, or another search engine); legal publishing houses; or an attorney, should you decide you'd like one to handle the transaction.

gmakerley · Posted: Thu Nov 13, 2008 8:48 am Post subject:

bsherb, you've done well in accumulating the funds to pay the mortgage in full. once you've done that, the lender will forward a release of that mortgage to you; in turn, take that to your local town clerk or county clerk, or whoever registers documents in your locale. you needn't wait for the payoff to do the quit claim, or vice versa.

bsherb13 · Joined: 13 Nov 2008 Posts: 4 2.25 Dollars($)

George, Thank you so much for all your help!!! I wasn't sure what to do, you have made my life easier!!!

gmakerley · Posted: Thu Nov 13, 2008 8:55 am Post subject:

happy to be of assistance.

Posted: Fri Nov 14, 2008 4:19 pm Post subject:

Not sure folks are answering the question at least as far as I understand your question.

First, no sweat in paying off the mortgage BUT think of the mortgage deed as a conditional deed, i.e. if you don’t pay, then it becomes active to transfer TITLE. Doesn’t operate that way in many states but it’s important to remember the mortgage deed does not affect how title is currently held.

I think your issue is how title currently vests – probably in your and your ex’s names and possibly via dower rights in any newly acquired spouse your ex may have obtained. You do need to get title in your name as quickly as possible if my surmise is correct. For example a judgment against your ex could appear as a lien on “your” property.

Read or have your attorney read your divorce decree and/or separation agreement. Some say the ex will provide a quit claim deed in X days or when ex’s name is released from the mortgage liability. Since exs are sometimes tardy in fulfilling this obligation, many court divorce papers state that if the ex doesn’t provide a deed within X day, “this decree will as the document to transfer title”. If this is the case, it is important you get this recorded for title transfer as quickly as possible.

gmakerley · Posted: Mon Nov 17, 2008 8:11 am Post subject:

guest, i hate to say this but the language you used is not the most explicit. it takes at least a second reading before one can obtain the true meaning.

i get your take on things, though. it wasn't clear from the initial post whether or not title actually passed to bsherb or not. yes, the decree stipulated the transfer, but we don't know if a deed was actually signed and recorded. i agree that this is the vital question here.

if, in fact, title is properly vested in her name, then all is well. if not, you are correct in stating that the transfer must take place immediately.

Guest

If a loan was made for $60,000 with property used as collateral but the property is only valued at $8,000, does that mean that the remaining $52,000 would be considered unsecured loan. If so how can I remove the lien for $52,000 back to the borrower so I can clear the title on my property? Thanks

jerry · Posted: Fri Nov 21, 2008 2:56 am Post subject:

Hi rasta!

I guess an inflated appraisal took place in your case. Otherwise it is quite surprising that the property was worth $8000 whereas the loan you got was of $60,000. In order to clear off the lein, either you will have to pay off the lien or the original owner will have to pay it off. You may also place a complaint at the state attorney general's office and with the FTC.

Thanks,

Jerry

gmakerley · Posted: Fri Nov 21, 2008 9:07 am Post subject:

rasta, your scenario seems pretty far-fetched. no, the $52K is not an unsecured loan. your entire loan is secured, but unfortunately for the lender, that security isn't worth the balance that's outstanding.

but what does "remove the lien for $52,000 back to the borrower" mean? are you the borrower in this case, or a lender?

Guest

Thanks for the response and I know it is far fetched. I obtained the property by quitclaim deed. Now I have discovered the lien. I am not the borrower or the lender. I also did not refinance, the mortgage/loan is in the previous owners name, who quitclaim deeded me the property

jameshogg · Posted: Sun Nov 23, 2008 10:29 pm Post subject:

Hi rasta!

I think you should ask the original owner of the property to pay off the lien. Otherwise, there are chances that you will have to pay the liens.

Thanks

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