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Kim Roulo
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0.10 Dollars($)
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Post subject: Quit Claim Deed |
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Hello,
I have a very sensitive situation. In October of 1994 my husband purchased a house for us but we weren't married yet. We had been living together since February 1994, we then got married in November 1994 one month after moving into the purchased house. My name was never put on the deed, even though we made every payment together. In November of 2005 we sold the house and moved to Idaho. I had lost my job so when we purchased the new house in Idaho I couldn't be on the mortgage or deed due to my horrible credit at that time. Consequently, not knowing the ramifications of a Quit Claim Deed I signed it so we could get the house in Idaho. Now my husband and I are most likely getting a divorce and I wonder what my rights are regarding this property. |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Post subject: |
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Hi Kim,
Welcome to this forum.
As far as I know Idaho is a community property state. So you should have gained 50% ownership after your marriage. But I afraid as you have said you have quitclaimed, you may not have any rights on that property.
“even though we made every payment together”
Do you have any proof that shows you have paid the mortgage? Your name was not on the mortgage. So it will not be shown on your credit report. I think you should better talk to an attorney regarding this.
Thanks,
Larry |
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Kim Roulo
Guest
0.10 Dollars($)
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Post subject: Quit Claim Deed |
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Larry,
Thanks for the information. You're right I never have been on the mortgage, but every payment is made out of a joint checking account. I pay the bills every month and the mortgage is set up on a auto draft. Would I talk to a estate attorney or a divorce attorney? Had I known what this would do to my vested rights on this house I would have never signed that document. The mortgage lender told my husband you can't have your wife on the loan due to her bad credit. This was the avenue we had to take at that time. What a bad decision I made.
Thanks,
Kim |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hello Kim,
If you have signed the quit claim deed, you have transferred your share of interest to your husband and you do not have ownership rights to the property any more. |
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Kirt
Guest
0.10 Dollars($)
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Post subject: should I quitclaim my parent's home? |
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Hi,
I am in an unfortunate situation involving my parent's. It looks as though they are in the final stages of forclosure on their home without my knowledge. A quitclaim transfer was suggested to me and I wanted to know if it is to late in the process to do. If not and we still have time ,am I fully responsible for all prior debts and leans and will all their bad credit be attatched to mine?
Thanks for your help.
Kirt |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Post subject: |
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Hi Kirt,
Welcome to this forum.
You have said that your parents are in the final stage of foreclosure. So I don’t think they can be now able to quitclaim and transfer the property to you. In this stage the lender will not agree to let your father transfer the property to you with the help of quitclaim. And without the lender's consent, a mortgaged property cannot be quitclaimed.
Even if the lender gives the permission to transfer the property, your credit will be affected if the property goes through the foreclosure procedure.
Thanks,
Larry |
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Bill Holt
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0.10 Dollars($)
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Post subject: Enhanced life estate deed, aka Ladybird deed |
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Earlier this year you told me the Ladybird deed was recognized in Michgan. Please explain why lawyers and mortgage lenders have no idea what I'm talking about when I mention the Ladybird deed! Has something changed? When you respond, please give a quick explaination of how it works.
Thank you, Bill |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hello Bill,
A few days back while surfing the net, I got the information that Ladybird deed is valid in Michigan. It might appear unusual to lawyers and lenders because it is not widely used. Ladybird deed is also known as Enhanced Life Estate Deed, so you may try out with this term too.
You will find information on how Ladybird deed works at http://www.mortgagefit.com/know-how/ladybirddeed.html
Kindly have a look at it. |
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.12 Dollars($)
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Post subject: |
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The divorce courts will split up the property as they see fit. Since you have made payments together on this property, I would definately take those to your attorney and have those shown to the courts. If they see that you both had a stake in the property, most likely you will be entiitled to something.
_________________
Lisa Scherzer
Allpointe Mortgage
Expert Mortgage Broker
440-521-7060
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BOLLYWOOD
Guest
0.10 Dollars($)
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Post subject: QUIT CLAIM |
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| My inlaws passed away some time ago. They both signed the quit claim to me but I have not recorded it yet. Can I record those those. I am also paying the mortgage of the house. |
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Alex12
Guest
0.10 Dollars($)
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Post subject: |
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| Guest, how long has it been since you've been though the quitclaim. Every state has a time limit during which the deed should be recorded. Where do you stay? |
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jen0719
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0.10 Dollars($)
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Post subject: apartment quit claim |
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| My landlord can no longer afford the mortage on the building and wants to do a quitclaim deed with me. I have bad credit due to a bankruptcy, so I dont think a bank will loan me the money to actually purchase the building, so my landlord suggested a quitclaim deed. I dont know if this is a good idea or not and I am unclear as to who will actually own the property. Can someone advise me? |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Post subject: |
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Hi,
After your landlord quitclaims the property to you, you will own the property but the landlord will still be on the mortgage. If you cannot refinance the loan to release the land lord from the mortgage obligations you can try to assume the loan if the lender agrees. So talk to the lender ASAP.
Best of luck,
Larry |
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Effie
Guest
0.10 Dollars($)
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Post subject: co owned home |
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| My partner and I owned a house together and last year she died. I hired a lawyer to settle her estate as she died without a will and he filed some paperwork at the courthouse stating her parents were the heirs. Her sister who has power of attorney for the parents wants to transfer their half ownership in the house to me. Would a quit claim deed work for us? |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Post subject: |
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Hi Effie,
Welcome to the forum.
First of all her parents will have to get the ownership of her part of the property in their name. As she does not left any will, they will have to file "affidavit of heirship" with the court. So when they get the ownership, they can quitclaim her share of the property to you.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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