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Maddy_27
Guest
0.10 Dollars($)
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 Posted: Thu Jan 26, 2006 8:51 am Post subject: Re |
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Hi Paul
Yeah what you are saying is possible. You have been making the payments so you can talk to the lender on the same.
He will help you to get this thing done as he is only concerned about his payments and you have regular at that.
Thanks |
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Double Debt
Guest
0.10 Dollars($)
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| Posted: Thu Jan 26, 2006 11:22 am Post subject: Associated Debt |
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| My husband and I recently divorced. We have several pieces of property that are to be transferred to me by Quit Claim Deed. Does the debt associated with each property get assigned to me when using a Quit Claim Deed? What happens if I don't have the income to support the various mortgages? Some properties have second mortgages secured by the home. I have been released as guarantor on the second mortgage, but the home is in both our names until the Quit Claim Deed is issued. Is the second mortgage going to impede the process of transferring title? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1515
Location: MASSACHUSETTS
132.59 Dollars($)
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| Posted: Thu Jan 26, 2006 7:53 pm Post subject: RE: |
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Hi,
I feel sorry to hear about your divorce. The debts associated with the properties will not get transferred with the quit claim deed. If you want the debts associated with the property to also get transferred then you and your husband will have to undergo a process called novation.
Novation is a process where the mortgage of a property gets transferred from a borrower to the new borrower with the consent of the lender.
For more information on Quit Claim Deed and Novation please visit the referred sections.
Thanks,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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rose
Guest
0.10 Dollars($)
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| Posted: Sat Jan 28, 2006 8:23 pm Post subject: hi |
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| my son owns a house but he signed off the deed to his friends noo thinking what he was doing is there anythink he can do is name is still on the mortage |
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Maddy_27
Guest
0.10 Dollars($)
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| Posted: Sat Jan 28, 2006 9:26 pm Post subject: RE |
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Hi Rose
One thing to ask is why he signed the deed to his friend but when he has signed it then the only way to keep the name on the mortgage is to refinance it.
This will allow him to make the mortgage on his name.
Thanks |
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Maggie
Guest
0.10 Dollars($)
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| Posted: Thu Feb 02, 2006 2:55 pm Post subject: quit claim |
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| Iam unableto pay my mortgage due to a changein family sityation..May I quit claim the property (home) to another party, and how do I do it? |
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Maggie
Guest
0.10 Dollars($)
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| Posted: Thu Feb 02, 2006 2:55 pm Post subject: quit claim |
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| Iam unableto pay my mortgage due to a change in family situation..May I quit claim the property (home) to another party, and how do I do it? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1515
Location: MASSACHUSETTS
132.59 Dollars($)
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| Posted: Thu Feb 02, 2006 3:02 pm Post subject: |
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Hi Maggie,
Welcome to MortgageFit Forums.
I am unable to give you a specific suggestion without knowing exactly what has happened in your case.
But quit claim deed will only transfer your interest in the property to a new owner and will not transfer the mortgage.
You will still be responsible for the mortgage repayment. To transfer the mortgage, you have to refinance the loan in the name someone else.
You should involve an attorney in the process and take his suggestions.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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maggie
Guest
0.10 Dollars($)
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| Posted: Thu Feb 02, 2006 6:09 pm Post subject: quit claim |
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| I owned the home with my first husband..I refinaned it after I was married to the second one,to purchase it from the first husband,,it was only in my name and never in the second husband's name..We are considering divorce now,and he expects to claim the equity in MY home to be paid to him, although it was never his.. I want to quit claim the home to a nother party,and still be responisble for the mortgae paymentsto save the property for my daughter's future..can I do it beforethe divorce is filed?? |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1451
Location: florida
243.97 Dollars($)
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| Posted: Thu Feb 02, 2006 9:55 pm Post subject: RE: |
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Hi maggie,
Since your second husband's name is not on the title to the property, so he cannot claim any part of your equity. The divorce thus, has no role to play here. it doesn't matter if you can quit claim the property before divorce.
It is absolutely right if you can quit claim your home to another party. By doing that, you will be transferring only your interest in the property and not the title of ownership. So you will still be the owner of the property and be responsible for mortgage payments.
If you still feel, you can further consult an attorney for your own satisfaction.
Thanks,
Caron. |
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SNichole
Guest
0.10 Dollars($)
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| Posted: Tue Feb 07, 2006 12:16 pm Post subject: divorce mess |
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| Hi. I am divorced now but the house is still in both of our names. My ex is having it refinanced but they need me to sign a quict claim deed first. Is this a smart idea to sign it first? What if he doesnt get the loan then I have no rights to the house but still am responsible for the money owed on it?? Please help soon!!! |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1515
Location: MASSACHUSETTS
132.59 Dollars($)
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| Posted: Tue Feb 07, 2006 12:25 pm Post subject: |
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Hi Nichole,
Welcome to MortgageFit Forums.
It's wise to think on your part that he may not refinance once the deed is signed and then you will remain responsible for the repayment. If a refinance is done it will help you to transfer the loan in your ex's name.
If you feel there can be such problem with your ex-spouse, then get the loan refinanced first and then sign the quit claim deed.
Involve your divorce attorney in the process and consult him for the most appropriate suggestion.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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helpless
Guest
0.10 Dollars($)
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| Posted: Thu Feb 09, 2006 9:20 am Post subject: Quit claim Deed |
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my son purchased a property (my credit is not good) and i have been paying all mortgages, taxes, etc. at closing he gave me a quit claim deed which i did not record because of the IRS. He later filed for divorce and his wife is trying to claim it as marital. can she do this?   |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1515
Location: MASSACHUSETTS
132.59 Dollars($)
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| Posted: Thu Feb 09, 2006 9:59 am Post subject: |
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Hi,
Welcome to MortgageFit Forums.
Even if the deed is not recorded, it is a valid one. The purpose of recording a deed is to let the public know about your interest in the property.
But there are some problems. Without recording the deed, you may not be able to sell your interest in the property or obtain a loan using the property as collateral.
Even there may be problems created by the mortgage company and if some one gets a judgment from the court against your husband, then he/she may force the house to be sold and collect the judgment from the sale proceeds.
So, even though the deed is a valid one it may create problems for you. It's better if you approach your son and an attorney and get it recorded.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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katherine
Guest
0.10 Dollars($)
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| Posted: Sun Feb 12, 2006 3:51 pm Post subject: taxes after divorce |
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| My ex spouse signed a quit claim deed and I refinanced the morgage in my name only. The divorced was final just before Dec. 21, 2005. He got the 401K which we both considered fair and equal through a mediator. Now suddently, tax time, he wants copies of all my tax documents related to the morgage in 2005, stating he can use the morgage interest for his tax return. I've already filed and claimed everything in my name. Did I handle this incorrectly? Can he use the morgage interest paid before I refinaced in my name which was about Sept. of 2005? |
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