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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1455
Location: MASSACHUSETTS
121.48 Dollars($)
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 Posted: Fri Dec 16, 2005 9:50 am Post subject: |
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Hi Callene,
Welcome to MortgageFit Forums.
No need to be afraid in this case. If you don't want to get involved none can force you.
Your name on the deed will not make you responsible for any loan unless your name is on the loan papers.
So, I shall advise you not to sign and register your name in the mortgage since you don't want it.
Talk to your husband and explain him that you don't want any loan in your name and I think he will understand as he can not force you under this situation.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Callene
Guest
0.10 Dollars($)
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| Posted: Fri Dec 16, 2005 10:12 am Post subject: mortgage and divorce |
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| Iwant to be paid out of the house.Can my husband still get the loan without my signing at closing? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1455
Location: MASSACHUSETTS
121.48 Dollars($)
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| Posted: Fri Dec 16, 2005 10:35 am Post subject: |
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Hi Callene,
Welcome again.
Your husband may take a loan against his portion.
Another option is that your husband can pay you off your part and take the title in his name. In that case he can keep the house and take mortgage on it.
In either case you need not bother about getting involved in the mortgage. It can be also sorted out through understanding between two of you but involve your attorney in whatever you do to be assured.
God bless you.
For MortgageFit
Samantha
_________________
Know how to compare lenders with mortgage booklet
Last edited by Samantha on Fri Dec 16, 2005 5:32 pm |
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Callene
Guest
0.10 Dollars($)
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| Posted: Fri Dec 16, 2005 11:12 am Post subject: mortgage and divorce |
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| If he can get the mortgage without my signing.Will the deed with my name on it be subject to the lien? What if my ex default on loan? Will my credit be affected? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1455
Location: MASSACHUSETTS
121.48 Dollars($)
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| Posted: Fri Dec 16, 2005 11:23 am Post subject: |
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Hi Callene,
In no circumstances you will be affected if your name is directly not on the loan. You are not responsible for any loan because of your name in the deed.
So be assured that your credit will not be affected under any situation including default of your ex husband on the loan.
Feel free to post if you have any more query. We shall be happy to help you.
God bless you.
For Mortgagefit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Callene
Guest
0.10 Dollars($)
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| Posted: Fri Dec 16, 2005 11:30 am Post subject: mortgage and divorce |
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| I Thank You and God Bless You. The information is very helpful. |
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Tammy
Guest
0.10 Dollars($)
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| Posted: Fri Dec 16, 2005 2:37 pm Post subject: Quit Deed Claim |
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Hi there. I have read most of the correspondence here and I just wanted to ask my question regarding my specific situation. I was divorced recently and my ex-husband was ordered to pay me 1/2 of the equity value in the home we shared. My name is on the loan and I am concerned that if I sign this Quit Claim Deed and for some reason down the road the home is foreclosed on, I will be responsible to pay half of the loan. He is not able to refinance in his name only, however is taking a second (home equity loan) out on the home. Also, if my name is not taken off of the loan, does that effect my debt to income ratio once I go to purchase a home?
Any info would be appreciated. Thanks |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1455
Location: MASSACHUSETTS
121.48 Dollars($)
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| Posted: Fri Dec 16, 2005 2:52 pm Post subject: |
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Hi tammy,
Welcome to MortgageFit Forums.
Your name in the loan will remain as it is even after the quit claim deed. A quit claim deed does not affect your name on the mortgage.
So, you will be held responsible for the loan in case the loan papers have your name.
Since your name exists on the loan, so it will reflect in the debt to income ratio definitely.
You can discuss with your ex-husband and pay off your part through him to take off your name from the loan.
But in the process always consult an attorney and make sure that you are no longer responsible for the mortgage after the settlement.
God bless you.
for MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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JOHN
Guest
0.10 Dollars($)
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| Posted: Mon Dec 19, 2005 9:57 am Post subject: |
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| My father-in-law has informed my wife and I that we need to sign a Quit Claim because he put our names on the house (unknown to us). He has now sold the house and he needs us to sign the form. Is there any tax issues that may affect us?? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1455
Location: MASSACHUSETTS
121.48 Dollars($)
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| Posted: Mon Dec 19, 2005 10:19 am Post subject: |
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Hi John,
Welcome to MortgageFit Forums.
I think you should talk to your father-in law regarding the tax involvement on the issue. As the IRS may find it as a gift to your father-in-law and you may have to face gift taxes.
I shall advise to consult an attorney on the matter to ensure that you don't face any tax problem dut to this.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Samm
Guest
0.10 Dollars($)
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| Posted: Mon Dec 19, 2005 11:47 am Post subject: Quick claim long after divorce |
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My husband was married before. He got the divorce and it stated that his
x, get property refinanced in her name, then my husband would sign over
the property. Years have passed and she did not comply with the divorce
and get refinanced. She now wants my husband to sign it over. if there are
bills connected with property , would he have to pay. We just don't trust her. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1455
Location: MASSACHUSETTS
121.48 Dollars($)
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| Posted: Mon Dec 19, 2005 12:03 pm Post subject: |
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Hi Samm,
Welcome to MortgageFit Forums.
I can understand your worries. You have indeed made a right suspect of the problem.
I feel that your husband should have insisted to get it refinanced in her name at the time of divorce itself to come out clean.
Do advise your husband to refrain from signing a deed. That will transfer the property in his ex's name but your husband will remain liable to the mortgage associated with it.
Instead your husband should ask her to get the property refinanced in her name and then only he can sign the deed.
It is a crucial issue and that is why staying beside him is important so that he can get your valuable advice.
Feel free to ask any more doubts if you have.
God bless you two.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Judy
Guest
0.10 Dollars($)
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| Posted: Mon Dec 19, 2005 1:30 pm Post subject: Quit Claim and Reverse Mortgage |
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This is kind of a complicated question. My mother owns her home outright. Several years ago she was diagnosed with Alzheimers. Prior to her illness, she drew up a Living Trust in which my brother, sister and myself would have durable power of attorney over her legal, financial, and medical matters. She also stated in the document that, upon her passing, my siblings and I would each receive an equal share of the house and would determine together its disposition. A couple of years ago, we had to take out a reverse mortgage on Mom's house in order to help pay for her home aide care. My sister's eldest son has been living in Mom's house rent free and has been helping take care of her (nights, wekends) for about 3 years. However, due to many unpleasant factors, we've had to ask him to leave the house. Here's the question: should my sister, who has health issues of her own, have her son sign a quit claim, just in case she passes before our mother and her interest in mom's home goes to my nephew (and his brother, who lives out of state). He was recently married, and quite frankly we don't trust his wife (one of the reasons he was asked to leave)
Thank you!
Judy |
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Tkhicks
Joined: 19 Dec 2005
Posts: 2
0.32 Dollars($)
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| Posted: Mon Dec 19, 2005 1:37 pm Post subject: Child Support Liens againts property |
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| Hi, I am recently married and am purchasing a new home but the mortgage is only in my name. We understand that the title will have both of our names. My husband pays child support monthly but has an arrears from when he wasnt working. Can we do a quit claim so that the property is solely mine and no liens are able to be issued against it? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1455
Location: MASSACHUSETTS
121.48 Dollars($)
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| Posted: Mon Dec 19, 2005 1:46 pm Post subject: |
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Hi Judy,
Welcome to MortgageFit Forums.
This is indeed a complicated situation with all the family members involved. If you don't want your nephew to own a pert of it, then it might be an appropriate decision to get him sign a quit claim and transfer the rights to some other's name.
But I have serious doubts whether your nephew will agree to that. If you can manage to have him paid of his portion then I think he may agree.
I shall suggest talking to your sister regarding the matter as it is a sensitive issue involving his son. Her acknowledgement is very much required.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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