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Need to remove ex-wife from deed and note.

Posted on: 06th Jun, 2006 12:39 pm
hi,

i am looking in to refinancing my commercial property. currently the loan is in both my ex-wife and my names...as is the deed, even though in the divorce/settlement papers it states that i am sole owner and solely responsible for all of the debt. but the attorneys on both sides never did anything about the deed or the note (lots of reasons).

now i am trying to refinance, in part to obtain the buyout money (we still own our house together as co-owners) for my ex-wife so she can buy a house of her own...as well as remove her name so the commercial note is only in my own name. whew!

(we own the house outright...i just have to give her $300k by the time she turns 65, but i want her to have a house soon...so by cashing out some of the commercial property equity, i can refinance and get $300k for her...then i own the house solely (and yes, i will have her do a quit claim on that). i will also cash out about $100k for myself to use to keep fixing up my house and commercial building and upgrade my store.

so, the bank (will start with the same bank with the existing note...no, they won't simply take her name off the note, no matter how much we are all getting along...) mentioned that i needed to make sure the deed was only in my name, since i was using that for collateral. and sure enough, that was never done, and i believe the correct process (according to a nice lady at the land office who used to do title work) is to draw up a "quit claim" deed...and both myself and ex-wife sign/notarize it and file it with the court ($33.50 fee to file).

i know that my ex-wife will sign without a problem...even though there is a window of her still having her name on the note for the property she is signing away...partly because we trust each other...partly because the settlement/divorce decree clearly states i am the one responsible and owner...just that it isn't 'legal' as far as the bank is concerned.

besides, it is certainly in my ex-wife's interest to have her name off the note, and to have the $300k now instead of waiting perhaps 15 years from now.

so, do you see any problems here? can i just download a quit claim form off the internet (i found one for $11.50)?

any thoughts?

thanks.

steve

btw, we signed the property settlement almost three years ago, and were divorced a year and a half ago, and we both would like to get everything truly divided and separated properly once and for all...even though we will still act as co-parents to our 12-year-old daughter and almost-18 year old son.


and finally...as i haven't started the process yet...is it ridiculous to use a bank? i am talking about refinancing $850k existing note on a building assessed at $1.8m (and probably could sell for twice that...) and getting a new note of $1.25m ($850k payoff, $300k for ex-wife, $100k less costs of refinance for me).
Hi Freespirit,

"So, do you see any problems here? Can I just download a quit claim form off the Internet (I found one for $11.50)?"

It's perfectly all right to get a form either online or from any office store but while going through the process do take the help of your attorney.

This is largely required as the deed involves legal matters and it should be handled under the guidance of a professional.

Blue
Posted on: 06th Jun, 2006 12:55 pm
Hi,

Welcome to MortgageFit Forums.

I appreciate the trust you have for each other even after your divorce and don't see much problem with you going for a quit claim deed.

"Besides, it is certainly in my ex-wife's interest to have her name off the note, and to have the $300k now instead of waiting perhaps 15 years from now. "

It's a perfect decision to have things settled now rather than dragging it for years. I am always in favor of settling everything at the time of divorce as sometimes it creates problems afterwards.

In your case though, you are fortunate enough to have the divorce decree mentioning clearly about your rights and your ex-wife agreeing with your decision.

Get the title interest transferred in your name now and then go for the refinance. You can download a form online but whatever you do, proceed only under the guidance of an attorney so that the legal part is taken care of well.

"And finally...as I haven't started the process yet...is it ridiculous to use a bank? "
You can refinance through your bank or any other financial organization. :) The decision will depend primarily on what sort of loan you want and where you are getting the best terms and rates.

Some shopping is always advisable before you decide on a particular organization. A good broker can help you with your decision. But you will be best judge after taking the necessary guidance and collecting all the information.

Feel free to ask if you have any more doubts. We will be happy if we can help you with your queries.

God bless you.

For MortgageFit,
Samantha
Posted on: 06th Jun, 2006 01:11 pm
I feel that you shouldn't wait any further and go on with your decision. Get all things settled now and that will help keeping the relation healthy too.
Posted on: 06th Jun, 2006 01:15 pm
Thank you everyone for some quick and sound advice. I will keep reading as more come in, but at least I can proceed on some things since no major alarms have been sounded.

First things first. (Thanks to Steven Covey)...I will get the Quit Claim Deed in order and have it checked by an attorney, then sign and notarize and have it done by my ex-wife as well. And yes, I will have multiple originals prepared, then take it to the Courthouse and file it. I have been told that the City (where the property is located...that uses the same County Courthouse) picks up the work three times a week and processes it quickly. So I don't expect a long wait. Meanwhile, I can make sure to work on my future expected earnings/cash flow so I can show that the loan will be serviced properly. I am told that any past years of low or no profit are not so much considered as what I will do differently...the changes to be made.

In my case, I have been living in two of the apartments in the commercial building...and since I will move back into my house, that additional rental income from the apartments will help, as well as securing some more leases on other parts of the building. Also, since everyone knows that a divorce takes its toll, no matter how 'no fault'...obviously I am in a better 'place' and can put more of myself into my business again since there was a lot of wasted effort stabilizing everything.

I feel confident that things will work out.

In the meantime, please keep looking over for any glitches in my scenarios...Thank you.
Posted on: 06th Jun, 2006 04:18 pm
Hi,

Welcome again.

You do seem to be pretty well organized. :D Yeah you need to work out a proper plan on the future earnings right now and follow up with the deed preparation as well as look out for the refinance procedures and the terms that you are getting.

Best of Luck and do let us know about the proceedings from time to time. We will be eagerly waiting for that.

God bless you.

For MortgageFit,
Samantha
Posted on: 06th Jun, 2006 04:31 pm
Posted on: 05th Sep, 2007 05:12 pm
Did your divorce decree mention anything about who will have the responsibility of continuing the mortgage payments?

If it was stated in divorce judgment that he will have to bear the mortgage payments and rights over the house will go to him then you can go to court to make him refinance the mortgage in his name.
Posted on: 05th Sep, 2007 05:46 pm
home be husband sole property when divorce is filed I don't want to have any problems from loan office , Value below what we owe and he has a job here I'm retired??
Posted on: 14th Feb, 2009 06:00 pm
Hi Sani,

If your name is on the property deed and mortgage, then you need to sign a quitclaim deed in your husband's favor and then ask him to refinance the property in his name. This will release you from the liability of paying the mortgage.
Posted on: 15th Feb, 2009 10:43 pm
I am reciently divorced. The judge awarded my home to me. It is origionally in both mine and my ex-wife's name. How do I get the mortgage co to take her name off of the property? Is the divorce decree signed by the judge enough?
Posted on: 07th Jul, 2009 02:22 pm
Hi Brian,

You can ask your ex-wife to sign a quitclaim deed in your name to transfer the property to you. Once she does so, you will have to refinance the mortgage in your name.
Posted on: 07th Jul, 2009 10:01 pm
Ex Wife will not sign a quitclaim deed in my name. Do I have to return to court. The house was awarded to me in the divorce decree.
Posted on: 10th Jul, 2009 01:56 pm
Hi Brian,

You can definitely take legal steps against your wife if she is not ready to transfer the property to you. The property has been awarded to you in the divorce decree. It is illegal on her behalf to not to sign the property deed.

Thanks
Posted on: 12th Jul, 2009 10:05 pm
I believe I can lend some help here. My husband had his ex-wife's name on his property , had not taken it off since their Divorce fourteen years before. His Decree stated the property belonged to him. As they split two properties . She has pulled alot of illegal pranks .Did not sign a rellease & so on. He took the Decree to the court house ,in the accessors office, showed the document and her name was removed due to the court order. Just like that.
Posted on: 10th Feb, 2012 09:59 am
Thanks for sharing your opinion and experience!! :)
Posted on: 11th Feb, 2012 12:00 am
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