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jerry
Moderator
Joined: 17 Oct 2005
Posts: 541
Location: MICHIGAN
50.10 Dollars($)
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 Posted: Thu Nov 17, 2005 7:32 pm Post subject: RE: |
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Hi,
Yes John Quit Claim Deed is the right avenue to take if you want to tranfer your share of the property to your ex.
Regarding unable to refinance at this point of time I think you should consult an attorney.
Thanks,
Jerry |
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sondra815
Guest
0.10 Dollars($)
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| Posted: Tue Nov 22, 2005 3:24 am Post subject: What to do now? |
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My dad has been placed in a nursing home, he is a diabetic and has had to have his 1/2 his leg taken off, his eye sight is gone, he is having kidneys to fail, the home-place where i grew up is not paid for,my dad has asked me a few times, if i would take over the payments on the place so we wouldn't lose the home-place, i have no issue with making the payments, i do have a couple of questions....
the bank tells me dad cant add my name to the deed, as my dad wants to do, is this true?
also,my dad has been in nursing home round 7 months and knows he cant' go back home, he lived by his self to begin with, i live a couple hrs from him.
will a quitclaim be of any help in this situation? do i need to search out legal services?
who would i contact about this stuff, i dont want to see the home-place lost, or the state to have any say so in it. I have 2 sisters they both would like to see my name go on something insuring the home-place would remain in the family, please can you help me, i need some info on this matter pretty quick, thank you for your time. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 541
Location: MICHIGAN
50.10 Dollars($)
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| Posted: Tue Nov 22, 2005 3:49 am Post subject: RE: |
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Hi,
Sad to hear about your dad. I think you can do it with the help of Quit Claim Deed.
You may take help of your attorney if banks are not allowing this.
Thanks,
Jerry |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 639
Location: OHIO
107.62 Dollars($)
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| Posted: Tue Nov 22, 2005 3:56 am Post subject: RE: |
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Hi Sondra,
Heard about your dad's critical situation. It is indeed sad to hear about his sufferings. But lets have faith in God. Let us pray to the almighty so that your dad gets some relief from this situation.
As far as keeping the home with you is concerned, I would say that you can do so with the help of a quit claim deed. Through this quit claim deed, your dad can transfer his interest in the property on your name.
In this case you will have to take the responsibility of making the payments on your home. But then you can atleast keep the home with yourself. This will also give your dad some sort of satisfaction that he has been able to save his home from being taken by the bank.
A quit claim deed is usually signed in front of the notary public services, which in most cases are the banks. You say that the bank stated that your name cannot be added to the deed. In that case you should immediately consult a real estate attorney so that he can contact the bank and explain your situation.
Hope that I could help you. May god help you to overcome this traumatic situation.
Regards,
Jessica. |
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Pamela
Guest
0.10 Dollars($)
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| Posted: Fri Dec 09, 2005 4:51 pm Post subject: Quitclaim Deed Dilemma |
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| My husband and I own our home together, but during a separation, he forced me to sign a Quitclaim Deed, deeding the house to only him. We are now going forward with a Divorce Complaint. I was afraid of what the Quitclaim Deed would mean during division of our assets so I took it back from him. He is now asking for it back and giving me a dollar figure that he is willing to offer me ($5,000), but the equity in our house is more than $50,000. What would giving the Quitclaim Deed back to him mean in a settlement when the house is sold? Thanks for any advice you can give me. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1459
Location: MASSACHUSETTS
122.47 Dollars($)
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| Posted: Fri Dec 09, 2005 5:01 pm Post subject: |
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Hi Pamela,
Welcome to MortgageFit Forums.
I am glad to see the boldness in you. You have done absolutely right in taking back the deed.
Through a quit claim deed you are going to lose your title share for the house and it is going to be the sole property of your husband.
I feel he wants to cheat you by offering a mere $5000 for the house when you are saying that the equity is more than $50,000.
So, I would advice you not to sign the deed again considering your safety and security.
Feel free to ask anything more you want. I shall be happy to support you.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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James Hogg
Guest
0.10 Dollars($)
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| Posted: Fri Dec 09, 2005 5:07 pm Post subject: |
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Hi Pamela,
I too feel you should not give back the deed to your husband. This will debar you from getting anything when the house is sold.
James Hogg |
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Guest
0.10 Dollars($)
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| Posted: Sat Dec 10, 2005 4:40 am Post subject: |
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I'm confused between a Quit Claim Deed and a Novation.
Let say a couple is getting divorced and both of them are listed as owners of the property. Let say the husband wants to pass entire ownership of property to his wife using a Quit Claim Deed.
The Quit Claim Deed is for passing ownership or rights of the propert to someone else.
But what happens to the mortgage, who is responsible for paying the debt? A Quit Claim Deed will free you out of the mortgage? Or do you need to do a Novation?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
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Tomsean
Guest
0.10 Dollars($)
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| Posted: Sat Dec 10, 2005 5:01 am Post subject: Re |
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Obviously, on whom the loan is who is going to pay off the mortgage.
See, Novation is the substitution of new against the old contract.
You can go for novation also, it will allow to take the full loan on your name(husband). |
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Tomsean
Guest
0.10 Dollars($)
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| Posted: Sat Dec 10, 2005 5:03 am Post subject: Re |
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Like to add few more things, as in some rare occurance, loan providers or creditors may agree to a novation which removes the name of one person as an obligated party on a debt.
Thanks |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1459
Location: MASSACHUSETTS
122.47 Dollars($)
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| Posted: Sat Dec 10, 2005 9:59 am Post subject: |
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Hi,
Welcome to MortgageFit Forums.
If you want to transfer the mortgage along with the property rights then only quit claim deed will not be sufficient.
Quit claim deed is solely for transferring ownership rights of the property and it has nothing to do with the mortgage.
Lenders only will recognize the original borrower as his name appears on the loan papers.
For transferring the mortgage along with the property rights you need Novation.
Novation is the process to transfer the liability of a loan from the original borrower to a new borrower under lender's approval.
But to be on the safe side you should process the Novation formality first as in case of a divorce if you sign the quit claim deed and then your ex-partner does not agree to get the loan transferred in his/her name, then you will continue to be responsible for the mortgage.
Hope this information will help.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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kim
Guest
0.10 Dollars($)
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| Posted: Mon Dec 12, 2005 12:14 pm Post subject: quit claim deed |
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| if you sign a quit claim deed, are you still responsible for the mortgage that was on it or are you signing the house over to someone else? |
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kim
Guest
0.10 Dollars($)
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| Posted: Mon Dec 12, 2005 12:31 pm Post subject: quit claim vs novation |
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| i now see the difference-------------do not sign a quit claim deed without signing a novation or they can still try to stick you with the mortgage. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1459
Location: MASSACHUSETTS
122.47 Dollars($)
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| Posted: Mon Dec 12, 2005 1:01 pm Post subject: |
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Hi Kim,
Welcome to MortgageFit Forums.
Yes you are absolutely correct. You should go through the Novation formalities before you sign a quit claim deed.
This will enable you to get rid of the mortgage and you can stay relieved if you do not wish to pay after you hand over the deed.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Callene
Guest
0.10 Dollars($)
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| Posted: Fri Dec 16, 2005 9:42 am Post subject: mortgage and divorce |
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| My exhusband wants to get a second mortgage to pay me out of the house. Our divorce is less than one year now. The property was to be sold in six months and monies divided. HE NOW WANTS TO KEEP THE HOUSE. He says I have to sign papers at closing. What is it I have to sign? I do not want any financial responsibility to repay this loan. My name is only on the deed. |
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