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Bobbie Self
Guest
0.10 Dollars($)
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 Posted: Thu Aug 09, 2007 3:26 pm Post subject: wont to get a loan |
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| I'am the exective of the will a full paid off home i like to get my part in cah for the home i like to know what the steps i need to take will was filed with the court |
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Niicss
Joined: 03 Oct 2005
Posts: 807
118.35 Dollars($)
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| Posted: Thu Aug 09, 2007 3:58 pm Post subject: |
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Bobbie, you need to discuss with heirs named in the will on whether they are willing to purchase your part of the home. If they do not agree then you will have to accept your share of the home and then sell it off later on.
On the other hand if the heirs agree to take over the share you are receiving as per the will then you need to contact the court and inform about it. The court will then confirm with other heirs that they do wish to accept the portion you were to receive. And if it gets confirmed then you will be provided the consideration for your share of the house.
_________________
Good is the Enemy of Great. |
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blue
Joined: 21 Oct 2005
Posts: 1135
Location: MARYLAND
134.28 Dollars($)
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| Posted: Thu Aug 09, 2007 4:00 pm Post subject: |
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Hi Bobbie,
Welcome to Mortgagefit discussion board.
It seems you have asked a similar question here also - http://www.mortgagefit.com/appraisal/about8056.html. Please go through this page to know about the answers community members have provided.
Do let me know if you have any other questions.
Thanks
Blue
_________________
Lets help each other. Try my blog |
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Ginger
Guest
0.10 Dollars($)
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| Posted: Sun Aug 12, 2007 5:29 pm Post subject: Quit claim |
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| Is it true in Arkansas, that if a husband quit claims his interest to his wife before a divorce is final, that he will have to sign another before the property can be sold or refinanced. |
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larry
Joined: 27 Jun 2007
Posts: 2911
403.68 Dollars($)
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| Posted: Mon Aug 13, 2007 11:15 pm Post subject: |
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Hi Ginger,
Once a husband quitclaims his ownership rights of the property to his wife, he is removed from the title. He has no obligation towards the property after the deed.
Now if the wife sells the property in future, the husband will not be required to sign any deed regarding the property sale. The wife being the new property owner will have to bear entire responsibility of selling the property. |
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Kathy
Guest
0.10 Dollars($)
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| Posted: Sat Aug 18, 2007 6:51 am Post subject: morgage/deed |
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| If I have my ex. sign a quit deed, does this mean that he has signed if over to me lock stock and barrel? Can I have his name removed from the morgage without refinceing? |
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blue
Joined: 21 Oct 2005
Posts: 1135
Location: MARYLAND
134.28 Dollars($)
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| Posted: Sat Aug 18, 2007 10:51 am Post subject: |
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Hi Kathy,
Welcome to Mortgagefit discussion board.
Yes if your ex husband signs a quit claim deed for transferring property in your name then after the deed is notarized and recorded he will not have any claims over it.
But the mortgage will have to be refinanced in your name. But you should talk with your lender on whether he will allow you to continue the payments without completing the refinance process, which is highly unlikely.
Do let me know if you have any other questions.
Thanks
Blue
_________________
Lets help each other. Try my blog |
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larry
Joined: 27 Jun 2007
Posts: 2911
403.68 Dollars($)
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| Posted: Mon Aug 20, 2007 12:18 am Post subject: |
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Hi Kathy,
When you ex will transfer the property in your name by using a quitclaim deed, he will have no claim to the property afterwards. After you get the complete ownership of the property, he will have no rights to the property.
But I think it will be quite impossible for you to remove his name from the loan without refinancing. The lender may not agree with that. Without refinancing, you won’t be able to own the loan solely in your name. |
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Patty
Guest
0.10 Dollars($)
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| Posted: Tue Aug 21, 2007 9:20 am Post subject: Line of Credit |
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| My mother took out a Home Equety Line of Credit several years ago. She is still paying on it. She wants to transfer the home to me (her daughter)by Quit Claim. What will happen to the loan once this has been done? |
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Nancy
Guest
0.10 Dollars($)
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| Posted: Tue Aug 21, 2007 9:40 am Post subject: |
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My mother just passed away and my Dad is in a nurisng home. He wants me to take him home to his house and move in and take care of him. In return he wants to Quit claim deed the house to me so that my brothers and sisters have to rights to it when he passes. I have agreed to do this and take care of him as long as he lives. Is there a time limit when someone quit claim deeds their house to you before it takes affect? Say he does it today and passes next week is this a valid document or does my borthers and sisters also have rights to the house? There also is a home equity mortagage on this house that I will be paying. We live in Michigan.
Thank you. |
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 426
Location: Minneapolis
10.56 Dollars($)
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| Posted: Tue Aug 21, 2007 12:16 pm Post subject: |
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Patty - you will own the house but your mothere will still have the responcibility for the loan and will have to pay for it. Most likely she can add you on the title but cannot be relised from the title untill her obligations are satisfied. Also should she stop paying her loan the bank can come and foreclose on the property since the bank has a lien against it.
_________________
Eugene Volovik
Branch Manager
Team USA Mortgage
612-481-3127
Conventional, FHA and Commercial Lending |
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 426
Location: Minneapolis
10.56 Dollars($)
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| Posted: Tue Aug 21, 2007 12:26 pm Post subject: |
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Nancy - the quitclaim deed will need to be recorded in the county the property is located in, your father needs to be of sound mind when sighning it. Its effective as of the date of sighning. Mortgage loan will have to be paid on time or the bank will foreclose on the property. Also if your dad passes away the bank can call the loan due or ask you to refinance in your name since their borrower no longer alive.
_________________
Eugene Volovik
Branch Manager
Team USA Mortgage
612-481-3127
Conventional, FHA and Commercial Lending |
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Niicss
Joined: 03 Oct 2005
Posts: 807
118.35 Dollars($)
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| Posted: Tue Aug 21, 2007 1:56 pm Post subject: |
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Hi Nancy,
| Quote: | | Say he does it today and passes next week is this a valid document or does my borthers and sisters also have rights to the house? |
The property transfer occurs on the day the deed is notarized and recorded. If the deed is made today then you become the new owner by today itself. Your dad will not have any rights over the house from today.
Regarding the mortgage, as Eugene said the title ownership will change and it can result in lender calling the loan due. At that time you will have to sell the house or refinance the mortgage in your name.
_________________
Good is the Enemy of Great. |
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larry
Joined: 27 Jun 2007
Posts: 2911
403.68 Dollars($)
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| Posted: Wed Aug 22, 2007 1:59 am Post subject: |
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Hi Nancy,
I feel sad for your dad as he is not in good health.
Now, once your dad signs the quitclaim deed, he will give up his ownership rights to the house and you, along with your brothers and sisters will take over the property rights. But you must make the deed valid by getting it properly notarized and recorded at the County Recorder's office.
And if you wish to take over the payments towards the home equity loan, the lender will ask you to refinance the loan in your name because of the title transfer. |
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southernsara
Guest
0.10 Dollars($)
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| Posted: Wed Aug 29, 2007 10:54 am Post subject: quit claim deed |
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| my husband and I are separated he wants to buy me out of our joint property and says the bank will not let him refinance until I sign a quit claim deed, I am afraid if I sign it before he refinances, he wont give me a dime of my equity, or refinance for that matter, what can I do to protect my assets? |
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