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Quit Claim Deed, Refinancing & Divorce

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gilbarb799 Joined: 26 Jan 2011 Posts: 1 1.29 Dollars($)	Posted: Wed Jan 26, 2011 2:01 pm    Post subject: Quit Claim Deed, Refinancing & Divorce Like 0 Dislike 0 My husband & I are in the process of getting a divorce. He has agreed to pay me 1/2 the equity in our house. He is telling me that I have to sign a quit claim deed in order for him to refinance the house to get the cash to pay me. I am concerned that once I sign I will lose all legal right to my 1/2 of the house should he decide not to pay.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Jan 26, 2011 2:18 pm    Post subject: Like 0 Dislike 0 What you want to do is to arrange for the quit claim deed to be delivered at the same time as his refinance. If you're working with legal counsel, that ought to be readily arranged between your lawyer and his. This is common practice in divorce settlements, and lenders are also cognizant of the situation. If he seeks a new loan and advises the lender that the quit claim will take place at closing, then they'll have no problem with doing the loan in that fashion - assuming, of course, that he'll qualify for what he's attempting to do with the lender. Don't be fearful, but be certain that you have all the legalities ironed out so that you're not delivering full ownership to him without your due compensation. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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