QUIT CLAIM DEED

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Hello, can you please advice me what should my father do? my father bought a house in 2001. at that time he was still with my mother but they were not married. they separated and in 2005 he got married again. he is the only owner of the house. now, he is going to sign papers for divorce, but he is afraid because he has been married for more than two years his wife can fight for the house. she has never made any single payment for that house and he never added as the co-owner. he told me that because I help him with the finances and caring of the house he wants to sign a quit claim deed to me. my credit is not good at all. I have conversation with one credit repair agency to fix my credit. my credit is on collection and i am afraid if my father signs the quit claim deed we will lose the house due to the debts i have from my creditors.
even though now i have a good job and i can pay my debts in 3 months i do not know what to do?
please, can you advice me what is the best thing to do on this situation
thank you

sara

Hi Mariella,

Welcome to the forums.

There's no need to worry. Your father had bought the house in 2001 and he married I 2005. So, the property was purchased much before the marriage. Therefore, even if it may be community property state (I don't know the state name though), the wife cannot ask for any share of interest in property. Your father can quitclaim property interest over to you.

When you speak of debts, are you talking about the ones in collection or the mortgage on the house? Even if it's a mortgage, it won't get transferred to you just because your father has signed over a quitclaim deed to you.

A quitclaim deed simply adds you to the title. Since you've said that you're in some credit problems, why not check out how to repair your credit using the Credit Repair tool developed by this community. Just have a look at it before you approach the credit repair agency. There's nothing to be paid at all!

By the way, where does your father stay?

adonis · Posted: Tue Apr 22, 2008 3:37 am Post subject:

What type of debts do you have? are they unsecured debts? are all of them into collections? if it is so, then the creditor won't place a lien on your home if you're paying the collection agency.

jheard · Posted: Tue Apr 22, 2008 8:19 am Post subject:

Your dad's ex-wife can claim a community property interest in the house for equity gained (if any) since 2005 (assuming you are in a community property state). Quit claiming the property to you will not change that.

For your creditors to cause you to lose the house would take a lot longer than 3 months. They must file a lawsuit, get a judgment, then foreclose on the house. Most consumer creditors simply will not do that. They will file a lien on your house and wait for you to sell it.

I would not take any action at this point other than to pay off your creditors.

adonis · Posted: Wed Apr 23, 2008 12:30 am Post subject:

But the ex-wife didn't have her name on deed and neither did she contribute to the mortgage payments, so can she still claim the community property interest?

jheard · Posted: Wed Apr 23, 2008 6:52 am Post subject:

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