Home Equity and title transfer in a divorce.

mbell527 · Joined: 18 Aug 2008 Posts: 1 1.39 Dollars($)

My husband & I recently divorced. The divorce decree states that the house is mine. The title is both of our names right now. There is no mortgage but there is a home equity loan on the home. I want the title to be put in my name, but in order to get my husbands name off of the equity loan, I was told by the bank that I would need to refinance. However, to do that would raise the interest rate on the loan. My huband has agreed to just let me keep the loan in both of our names until I pay it off (hopfully in the next 5-7 years.) At that time he will sign the title of the home over to me. He said he can't do a quitclaim deed right now without me then having to refinance right away. Is this correct? And, could it cause any legal issues with me getting the title transfered if I wait 7 years? Is the divorce decree legal enough?

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello mbell.

I think you should ask your husband to quitclaim and you should better refinance the loan now on your name to avoid future inconvenience. There is no sense in waiting for 7 years to transfer the title to your name. Feel free to ask the community if you have further questions.

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