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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.59 Dollars($)
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 Posted: Thu Jul 19, 2007 5:33 pm Post subject: |
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Hi Dana,
Welcome to Mortgagefit discussion board.
If it was signed by both grantor and grantee & correctly notarized then it is still valid. You can get it recorded with your county recorder's office.
But you should know that as there is mortgage, lender can require you to refinance the loan in your name or be paid off by grantor. Have you informed lender about the property transfer?
Thanks
Blue
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Lilli
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| Posted: Fri Jul 20, 2007 7:59 am Post subject: help! |
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My boyfriend and I bought a house last November. (stupid stupid stupid) Well, now we've broken up since then and I want to get out from under the mortgage. He's too stubborn to sell it, and he can't get refinanced because he got laid off at his job and hasn't been at his new job for very long.
How should I go about getting off the mortgage? I've been reading, and it doesn't seem that a quit claim deed would do the trick. |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.61 Dollars($)
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| Posted: Fri Jul 20, 2007 4:10 pm Post subject: |
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Hi Lilli,
Welcome to Mortgagefit forum.
You are right. A quit claim deed won't remove you from mortgage responsibility. What it will do is remove you from ownership of the house.
Do not quit claim your rights over the house until your boyfriend is able to get the mortgage refinanced in his name. If you do that, you will have no ownership of the house but remain liable to repay the loan.
One option is that the house is sold and the mortgage paid off from proceeds of the sale. But you are saying he is not willing to sell it. Well you can force the house to be sold off if you wish to by what is known as a partition lawsuit. As a co-owner of the house you can force the house to be sold off & the proceeds divided between both of you even when he does not want the house to be sold.
Partition lawsuit can be started by any co-owner and the court then gives order for the house to be sold and proceeds equally divided between the co-owners.
If you are interested in taking this step then please go through the following page which explains this topic: http://www.mortgagefit.com/know-how/partitionlawsuit.html
Colin |
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vinnie
Guest
0.10 Dollars($)
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| Posted: Mon Jul 23, 2007 11:05 am Post subject: quick claim deed |
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| my sister has a house she would like to quick claim to me to avoid legal issues. the reason would be for me to put the property in my living will so her children will have it when I pass away. the property is free and clear is my understanding. my question is, does anyone have to pay a gift tax on this and what other costs can I expect. |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.59 Dollars($)
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| Posted: Mon Jul 23, 2007 5:34 pm Post subject: |
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Hi Vinnie,
Welcome to Mortgagefit discussion board.
What legal issues are you referring to? Are there any liens on the house (like tax liens)?
If there are no liens on the house then I don't see why your sister wants to quit claim the house to you. She can very well create a will on her own so that the house goes to her children after her death.
Assuming that because of some reason it has become necessary for her to quit claim the house to you, let me answer the questions you have asked.
You are concerned about gift taxes but as the grantee you will not have any gift taxes to pay. Only grantor is to pay gift taxes and that also only if the value of the gift exceeds the allowed gift tax exemptions limits. As being the grantee you do not have any tax obligations. Read more - http://www.mortgagefit.com/discuss/quitclaim-taximplications.html
The other thing you have asked is about the costs to expect at the time of ownership transfer. There will be attorney fee, deed recording expenses, and property transfer taxes which will have to be paid.
Do let me know if you have any other questions.
Thanks
Blue
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Sandy R
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| Posted: Sun Jul 29, 2007 2:52 pm Post subject: Prorating property when pre-owned part of marriage |
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| I owned my property in Calif., for over 20 years, prior to meeting my husband. It was rental property when I met my husband. We rented an apt elsewhere. We moved into property after I retired and he then co-signed for an equity loan on the property. He is now badly in debt and currently unemployed. he is contemplating filing bankruptcy alone. I am afraid my property will be taken although he signed quitclaim to me shortly after our marriage. We have resided together on the property for a total of 5 years. If he is required to list my house as community property, how will the bankruptcy court determine his interest? |
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Toni
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| Posted: Sun Jul 29, 2007 5:01 pm Post subject: adding my name to our house |
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| Me and my husband have been married for several years now. When I met him he had a home and I moved in with him. Since then we have recently paid off the home but my name isn't on it. What do we need to do to add my name to our property?? |
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joew
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| Posted: Mon Jul 30, 2007 7:35 pm Post subject: |
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| Toni a quit claim deed can be used to include you as co owner for the house. After the deed is recorded you will become co owner along with your husband. |
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Guest
0.10 Dollars($)
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| Posted: Mon Jul 30, 2007 7:36 pm Post subject: |
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| Sandy , which bankruptcy is he filing 13 or 7? |
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jameshogg
Joined: 20 Dec 2005
Posts: 1038
Location: nevada
131.64 Dollars($)
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| Posted: Mon Jul 30, 2007 10:11 pm Post subject: RE: bankruptcy and community property interest |
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Hi Sandy,
Welcome to forums.
First of all, I am doubtful as to whether your husband needs to list the property. You need to ask the bankruptcy attorney with whom you are dealing with. And yes, the bankruptcy that you'll be filing does matter a lot in determining whether you will have to list the property.
Thanks |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1509
Location: MASSACHUSETTS
131.42 Dollars($)
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| Posted: Tue Jul 31, 2007 5:22 am Post subject: RE: keep home in bankruptcy |
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Hi Sandy R,
In general, when a bankruptcy is filed, it creates an estate which includes the debtor's entire interest in property excluding qualified pension plans. Now, if the debtor is married and stays in a community property state, and files a joint petition with his/her spouse, then the two estates are considered as a whole. And, the entire interest of both the spouses property including community property is included in the estate. The process after this is same as filing bankruptcy from a state which does not follow community property laws.
However, if a one spouse file for bankruptcy, only then is the affect of community property is considered. But in your case, I don't think your husband needs to list the property as community property because only he is the one filing the bankruptcy. Also, your husband will not have to list the property if it falls under the category of exempt property as specified by California bankruptcy laws.
Hope this helps..
God bless you.
Samantha
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1442
Location: florida
242.41 Dollars($)
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| Posted: Tue Jul 31, 2007 5:35 am Post subject: RE: need to list home in bankruptcy? |
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Hi Sandy,
In California, there are two schemes of exemption and one can choose either of them.
Under Scheme 1, you can keep your home if:
- There isn't more than $50,000 equity in your property (current home value minus costs of sale minus payoff balances on mortgages or any other liens. Also, you should not be single and must not be disabled.
- There is $75,000 equity in your house and you have a family. But no other member should have a homestead.
- The equity in your home is $125,000 and you must be of 65 years age or older or disabled.
- Your home equity is $100,000 and you are 55 years or older. You must be single and should earn less than $20, 000. The creditors must have forced the sale. The sale proceed are exempt for 6 months after you received it.
Under Scheme 2, your home will be safe if:
The equity (that is, current value of home minus sale costs minus payoff balances on mortgages and all liens) is not more than $18,450.
good luck
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Victoria
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| Posted: Wed Aug 01, 2007 9:11 am Post subject: Quit claim Deed |
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| My sister and mother bought a home many years ago and then refinaced it only in my mothers name. My mother and sister are both on the title but my mother is on the mortgage. They want to sell but they are thinking about writing the quit claim deed from my mother to my sister to avoid paying the capital gains tax. My sister has been living in the property for over 8 years. What do you think? |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Thu Aug 02, 2007 12:56 am Post subject: |
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Hi Victoria,
Capital Gains Tax is paid only when one earns a profit through the sale of a property.
But as your mother is thinking to quitclaim her share of property interest to your sister, then she won't have to pay any capital gains tax. Instead, for doing the quitclaim deed, she may have to pay the required Gift Tax if she do not qualify for the lifetime tax exemption limit ($1,000,000). |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Thu Aug 02, 2007 5:56 pm Post subject: |
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Your sister may have to refinance the mortgage in her after she gets full ownership of the house. Before making the decision to go ahead with ownership transfer you need to check if she will be able to continue the payments on her own or not.
About the taxes, as Larry said by quit claiming the house capital gain taxes will be avoided but as a donor your mother may have to pay gift taxes if consideration she receives is less than current value of her property.
Read more on Tax implication of Quit Claim Deed
Miller |
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