Posted: Tue Mar 11, 2008 10:19 am Post subject: SHOULD I ACCEPT MY SOON TO BE EX HUSBANDS OFFER TO QUIT CLAI
Please help! I smell a rat within this "offer". I feel my soon to be ex is trying to escape a possible lien on the property for he has many creditors after him, and has a severe "slots" addiction. He lost 450,000.00 of inheritance after his mother's death last year (within 6 months)moved out of the home and abandoned me and our son. Although there was a court order to pay the mortgage, he is in contempt, although the judge decided that it was not "willful" and let him slither away from this responsibility, leaving ME holding the financial burden, or else, face foreclosure. In short, would I benefit from accepting his offer to quit claim before the divorce is even final. The mortgage is in both our names, so I would have to refinance in my name alone, and it would be impossible for he has forced me into two bankruptcies within the past 20 years, most recently, in 2005. Any guidance would be most appreciated!
You should first talk to the lender first. I think if you make the mortgage payments on time then the lender should have any problem and you may need not to refinance the loan on your name.
You can accept the quitclaim from your husband but is he pressurizing you to refinance the loan on your name only?
Does your soon-to-be ex-spouse want to transfer you his share of interest? Whether you accept the deed or not, your name being on the loan, it is your responsibility to repay the loan even if your ex doesn't pay. So, there isn't any benefit of accepting the deed.
As for the bankruptcies, when you will you be discharged? can you tell me something more about it so that I can advise you on what can be done. Have you thought of selling the property to pay off the loan? _________________ Procrastination is the enemy of your financial sucess
Will you be able to afford the home once the refinancing is done in just your name is the question, you will end up making the payment anyway if you haven't gotten any money out of him yet if he is under court order and has not paid it. If he has a slots addiction that will always come first to him, not the mortgage.
call your lender and see what they say, they may refinance at a lower payment so that you can afford it. goodluck, hope things start looking up for you soon.
I would take the quit claim if I wanted the house, him giving it to you does NOT release him from the responsibility of the mortgage, he is just giving up the right to the property. The mortgage company will hold him responsible for the payment as long as his name is on the note. With the quit claim you can refi or sell without having to chase after him to release it to you. Financially, refinancing may not be what you want to do , but personally you may not want to talk to him again and this would help your cause, good luck.
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