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I was married for 8 yrs and separated now for 4 but not officially divorced yet. My ex hubs purchased a condo 3 months before we got married and I had nothing to do with any paper work or any involvement with the condo. We lived in it for 8 yrs and I left 4 yrs ago due to an unhealthy and verbal abusive environment. I left everything but by cloths and started a new life. Now after 4 years of being separated he wants me to sign a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] because he wants to sell the condo. What I don't understand is why I have to sign this form. Could anyone be added to a title without knowing? Am I entitled to something? I really would like to pay for a divorce.

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i'm apart of a corporation that owns some investment property. We want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the property but everything is held in the corporations name so we're having a hard time refinancing it. We went through a private lender the first time so our rates are really high. We can get a better rate in our name. We do not want to be owners of this property. We want the corporation to have all rights to the property. After we secure a loan should we do a quick claim? How can we get the property back into the corporations name?

Like | Dislike | Share | Posted: Tue, 09/12/2006 - 06:01 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tim,

The title to the property can be quit claimed by the owners of the property in the name of the corporation.

Thanks
Bryant

Like | Dislike | Share | Posted: Tue, 09/12/2006 - 15:37 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tim,

In order to get a loan against a property, you should have ownership rights on it. So, you need to ask the corporation to transfer the ownership rights over to you. Then you can secure a loan and transfer the ownership rights back to the corporation. A quit claim or a warranty deed can help you with this transfer. But doing that, you cannot get rid of the liability of paying the loan.

But a quit claim does not guarantee that the grantor has any rights on the property, it just mentions that there has been a transfer of interest by the grantor to the grantee. On the other hand, the warranty deed states that the grantor (who initially had ownership rights on the property) has transferred ownership to the grantee.

If you prefer to know more on Quit Claim Deed, you may visit our section on this topic.

Thanks,

Caron.

Like | Dislike | Share | Posted: Tue, 09/12/2006 - 21:17 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I too feel going for such a property may create problems in future, as you say that are certain liens on it and also it's located in a high crime area.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Matt,

As you are saying that the properties have all the liens and encumbrances if any still to be paid, then you may not know which ones do not have any liens attached to them.

I do not think it will be proper to go for the purchase without having clear title to the property.

Like | Dislike | Share | Posted: Mon, 10/16/2006 - 11:04 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I received a list of properties for Auction by the district attorney of Philadelphia. Each property will be sold AS-IS, conveyed by quitcleim deed and subject to all liens and encumbrace. Also, all real estate taxes and water bills existing prior to sales will be forgiven, except real estate tax leins that have been transferr by the city to anoter entity. Does this sound like risky business? I ask this because the properties are low in high crime areas and less desireable living arrangements.

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My current husbands first wife received the house in their divorce. He signed a quit claim deed - but now she is not making the payments and it is effecting his credit (so much that we have been denied credit because of it) This is how we found out that she was not making the payments. Since his name is still on the Mortgage - what are the options - ie. Can he take the house and takeover payments....

Like | Dislike | Share | Posted: Fri, 10/27/2006 - 19:14 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lissa,

I think your husband's credit is affected because he has not been making payments although his name is on the loan. He may have signed a quit claim deed but that does not remover his name from the loan. So, he is still responsible for the loan payments. As such, I don't feel that his credit is affected on account of his wife not making the payments.

Anyway, now that he has already quit claimed the property, it is quite difficult to cancel the deed once executed and get back the property. So, if paying off the loan is your primary concern, and if the first wife also has her name on the mortgage, then your husband can request the lender for a [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url].

Through novation, the entire liability of paying off the dues will be transferred to your husband. So, if he is regular on making the monthly payments, he will be able to build up good credit within a few months. However, if your husband is the only person having his name on the loan agreement, then novation is not required. He can carry on with the payments and clear the mortgage dues within the specified time period.

Hope this information will help you. Also refer to a previous discussion on Cancel Quit Claim Deed for more information on that issue.

Thanks,

Caron.

Like | Dislike | Share | Posted: Fri, 10/27/2006 - 20:16 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Quest,

Novation is the process using which you can transfer your existing mortgage loan to some other person at the approval of the lender. This means that the person taking over the responsibility of the loan will be making all monthly payments and you will be release from the liability.

Thanks,

Sara

Like | Dislike | Share | Posted: Sun, 11/12/2006 - 19:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My wife & I divorced a yr ago.Before our divorce we purchased a home.Her name was on the title & at closing I signed to have my name added to it. After our divorce she wanted me to sign a release so she could sell the home.I did not sign a release and the home is now listed to sell. Do I have any rights since I didnt sign the release? We do not have any children together.
Thank You for your help

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Missouri,

You have the right to claim your share of interest in the house. This is because you are a co-owner of the same property. And, until and unless you transfer your share of interest to her and sign a release, she cannot really sell the property.

However, in case you allow her to sell the property, you have the right to demand the sale proceeds corresponding to your share of interest in the property.

Hope this information will help you. For any more clarification, feel free to contact us.

God bless you.

Samantha

Like | Dislike | Share | Posted: Thu, 12/07/2006 - 21:51 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own a time share in Missouri and have tried to sell it. I want to give it back to the company I bought it from. It is free and clear. Can I initiate a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] to get rid of it.

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sitalotbeach's picture
sitalotbeach | Joined: November 3, 2006 09:53 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think now is your time to hold the reigns on him, you have control. So to speak...Seek an attorney who will help you with the process. You do not want to loose out on the chance to recieve what is due to you.

You will want your attorney to draw up an agreement stating you will sign the quit claim deed with the agreement of paying you 'X' amount of money from the sale of the home. You decide how much. What is the house selling for? What are the proceeds of the sale? How much will a divorce cost? These are all questions you can answer with the help of an attorney. For $100.00 consultation with one, it may well be worth the money!

Best regards

Like | Dislike | Share | Posted: Sun, 12/17/2006 - 19:24 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a friend of the family that is wanting to quitdeed her home to my husband and I rather than selling it due to credit issues. Is this possible to do?

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colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Nikki,

Welcome to Mortgagefit forum.

Yes if your friend has sole ownership of the house, then a quit claim deed can be used for such a transfer.

On the other hand if your friend has shared ownership of the house with someone else then your friend will be able to transfer only her share to you.

Colin

Like | Dislike | Share | Posted: Wed, 12/27/2006 - 18:05 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Your friend can quit claim the property to you and your husband instead of selling. But before you buy it from him, just make sure that the property is free from any lien and no other person has ownership interest in it.

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adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yeah Mac, I think Nikki's husband should check if the property has any lien and then think about buying. otherwise, he may have to pay to get rid of the liens and save the property. But if the property is free from any lien, Nikki's husband can ask your friend to use a grant deed which ensures that property has clear title.

Like | Dislike | Share | Posted: Thu, 12/28/2006 - 04:33 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,
In 2002, my parents cosigned for me on the home I currently live in. They also each contributed 23K towards my down payment. My contribution was 46K. The title was drawn up with me owning 50% and each of them owning 25%. Since purchasing the home, I have paid for everything. Their only investment was their initial 23K each. I would like both of them off of my title, and they agree that it is the best for all of us. Would filling out this quit claim form remove them from my title & loan without making me [url=http://www.mortgagefit.com/refinance.html]refinance[/url]? Also, will my parents be liable for paying taxes on their initial investment? Please let me know. Thanks so much!!!

Like | Dislike | Share | Posted: Thu, 12/28/2006 - 14:29 | Post subject:

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Missid,

Welcome to Mortgagefit forum.

Quit claim deed can be used for the transfer of the home ownership in your name. But it will not transfer the mortgage.

For transferring the mortgage in your name it will have to be refinanced.

Colin

Like | Dislike | Share | Posted: Thu, 12/28/2006 - 15:17 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Missid,

You need to refinance if you wish to remove your parents as cosigner. Merely by doing a quit claim, you cannot remove them from the loan. However, their names will be taken off from title by the quit claim.

Regarding your second query, I don't think your parents need to pay taxes on the initial investment.

Thanks,

Sara

Like | Dislike | Share | Posted: Thu, 12/28/2006 - 21:55 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Missid,

Quit claim deed will not help you to take off your parents' name from loan. For that you need to refinance.

I found some information on removing cosigner at http://www.mortgagefit.com/discuss/about1777.html . Hope you will get some help from here.

Thanks

Like | Dislike | Share | Posted: Fri, 12/29/2006 - 02:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello, My fiance and I are to be married soon. I live in texas and have been living in his home for two years. The home that he and I live in has his name and his ex wife's name on the mortgage. Do we need to refinance to get her name off of the mortgage or are there any other options? Also they had two homes at the time of the divorce. She got one and he got the one we reside in. His name is still on the note for the one she is living in. Does she need to refinance that home do get his name off of the note or are there any other options? Thanks, clueless in Texas

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Welcome here.

Refinance can be good option to take her name off. But your fiance can also try out with novation. It is a process that will legally transfer the debt to the ex-wife. Before your fiancé does novation, he should talk to the lender and take his permission.

Regarding the second home, the one she is living in, both of them need to refinance to get your fiance's name off the loan.

Thanks,
James.

Like | Dislike | Share | Posted: Tue, 01/09/2007 - 01:09 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Going for a [url=http://www.mortgagefit.com/refinance.html]refinance[/url] on two homes doesn't look favorable to me. I personally feel that your fiance should take out a cash-out refinance loan against the home you are living in, and pay off the loan against it.

Next, he should use the extra dollars available through the cash-out refinance loan just to pay of the loan against the home which now belongs to his ex-wife.

Hope this will help you.

Feel free to come up with further queries.

Thanks,

Caron.

Like | Dislike | Share | Posted: Tue, 01/09/2007 - 01:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I inherited several pieces of property from My Mother, which only has my name on the deed. Can I execute a [url=http://www.mortgagefit.com/quitclaim-deed.html]Quit Claim Deed[/url] to add my husband and daughter's names to the property?

Like | Dislike | Share | Posted: Sat, 01/13/2007 - 10:19 | Post subject:

carnahandavid's picture
carnahandavid | Joined: December 21, 2006 04:07 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Moegee,

Yes, a quit claim deed can be used to include someone to the title of the property by the person who owns it. You should download a quit claim deed form from a website, properly fill up the details and have it notarized and recorded at the recorder's office.

Also consult an attorney to make sure that the deed is made out as per the laws and properly recorded at the county recorder's office.

David

Like | Dislike | Share | Posted: Sat, 01/13/2007 - 10:36 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My boyfriend of 14 years (we do not live together) sold me a property, but he is still resposible for the mortgage payments, he now wants me to sign a quit claim deed so he can refinance and than transfer the property on his name, I agree totaly, but is my name still going to be on the loan debt?

Like | Dislike | Share | Posted: Tue, 01/16/2007 - 14:57 | Post subject:

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

You posted your question on this page also - http://www.mortgagefit.com/know-how/about6119.html and some members have given answer to your question, please check the above page.

Colin

Like | Dislike | Share | Posted: Tue, 01/16/2007 - 15:06 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My 86 years old mother quitdeeded her house with a small mortgage of $30,000 to my brother. The house is valued at $140,00. Now he wants to get an equity loan from the home. She doesn't want it. Is she able to prevent him from getting the loan?

Like | Dislike | Share | Posted: Wed, 01/17/2007 - 14:22 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ljoy,

Was the first mortgage transferred in your brother's name or its still in your mother's name?

As now your brother is the owner of the house he can take out an equity loan on it. She can not prevent him from taking out the loan as she has no rights over the house now. But why she is not agreeing to it?

Loan Advisor

Like | Dislike | Share | Posted: Wed, 01/17/2007 - 14:33 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome ljoy,

Your mother cannot prevent your brother from getting the equity loan. This is because the loan will be taken against the equity in the property of which your brother is the current owner. Thus, your mother may have the prime liability to pay off the mortgage but hen she cannot stop your brother to go for the equity loan.

The loan will be based on home equity which is = (total mortgage amount – total payments made till date).

Thanks.

Like | Dislike | Share | Posted: Thu, 01/18/2007 - 00:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The house was bought and paid for out right. I put my son one the deed, but now I want to take him off. Would a quit claim deed work for me? I live in california and need to know if this would be a way to get him off or do I need to seek legal advise?

Like | Dislike | Share | Posted: Mon, 01/22/2007 - 16:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Yes a quit claim deed can be used, but now your son will have to make a quit claim deed to transfer his interest in the house over to you. You can not by yourself remove him from the title of the house as, a person having ownership over property can make a quit claim deed to transfer his interest to another person.

If your son is willing to give back his interest to you then he will have to create the deed for the transfer as the grantor and you being named as the grantee.

Like | Dislike | Share | Posted: Mon, 01/22/2007 - 17:02 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Guest.

A quit claim deed will work for you but your son has to agree with you regarding the transfer of property. Only then can he sign over the deed to you and allow you to take over the property.

If your son agrees to your request, then you may not take legal help. Otherwise, it will be better for you to consult an attorney dealing in real estate.

Thanks.

Like | Dislike | Share | Posted: Tue, 01/23/2007 - 02:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husban got a quick claim deed about 6 years ago and never filed with the county. Now we missed placed the orginal deed and only have a copy of it. Do we need to go to court again or can we settle this between the other party.

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Connie,

Welcome to Mortgagefit discussion board.

If the quit claim deed was not filed and recorded at the county recorder's office then you do not have property ownership as of yet. Until the deed is recorded property records won't show your name as the owner of that property.

Copy of that deed will not have any value; you should ask the previous owner of make a fresh deed and get it recorded as early as possible.

Do let me know if you have any further doubts.

Thanks
Blue

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Connie,

It's better if the deed is filed with county. Some states require that the deed should be filed to make it valid. I don't think you need to go to court again. You can just settle the issue with your husband.

Thanks,

Sara

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

When I purchased a house I placed my mother as secondary on my mortgage as a co borrower. My mother became ill and I need to get her off of the deed. How do I do this?

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colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

You mean off the deed or off the loan?

If it's the deed then your mother will have to make a deed (quit claim deed) to transfer her share of interest in the house to you. You can not remove her from the title of the house. It will be up to her to decide whether she wants to give her property rights over to you.

On the other hand if you meant that how to remove her from being a co-borrower then lender would require the mortgage to be refinanced in your sole name.

Colin

Like | Dislike | Share | Posted: Thu, 02/08/2007 - 12:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yes a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] can be used to change names on the title.

Get a new deed drafted by an attorney so that your mother can sign there as the grantor conveying her property to you.

Regarding the loan, her name can still be ther ebecause you are the primary borrower having the liability to pay off the debt. In case of any default, the lender or the company will first of all demand payments from you.

Hope your mom gets well soon

Like | Dislike | Share | Posted: Fri, 02/09/2007 - 22:02 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I went through a program with the Money Store. Sold my property under their program and now want to get it back. I can according to them. I can either purchase it back at the price it was financed for the investor, or sale before my 13th month in the program is up. I spoke with them about the Q deed and was told $2,000+ or the other option $7,000+ for a Land Installment Deed. What is the difference? I trusted these people, what should I do - leave the property alone or purchase it back through new mortgage or Q deed?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

A quitclaim deed allows for the transfer of property from one individual to another. You can add your name to the title through this deed or delete your name from the title.

A land installment deed refers to a contract between a buyer and a seller with the latter financing the property for the former.

I am not sure of the program that you are speaking about. Please explain clearly what exactly your program was about. Then I can come up with further suggestions.

Thanks,
James.

Like | Dislike | Share | Posted: Sun, 03/04/2007 - 21:43 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello,
I am not sure if this site is still active, but I will ask anyways. Ok here is our situation. My husband was married and divorced 6 years ago. In the divorce he was assigned the 2nd mortgage on the house he Quit Claim Deeded over to her. Thinking some day the house will sell and we would nolonger have the 2nd mortgage. She bought a another house with her current husband about 6 mths ago and moved out of the other property. It has been on the market for 1 year and no takers. As the market in this area is not good. The ex wife can not afford both house pmts anymore and is thinking about Bankruptcy or Foreclosure... What would happen to the 2nd Mortgage if she did File Bankruptcy. Would the Bankruptcy take over the 2nd Mortgage or no since my husband was court ordered to pay until the house sells or she refinaces... I just do not want to be stuck with a 50,000.00 2nd mortgage and no way out of it....Other option would be for her to Quit Claim Deed the house back to my husband and we would put our house for rent and live in the other house and fix up and try to sell later.
Any advice??

Thank You,
OHIO

Like | Dislike | Share | Posted: Wed, 03/14/2007 - 05:48 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:822d378004]What would happen to the 2nd Mortgage if she did File Bankruptcy. Would the Bankruptcy take over the 2nd Mortgage or no since my husband was court ordered to pay until the house sells or she refinaces...[/quote:822d378004]
Mortgage being a secured loan does not get discharged in bankruptcy. They still hold the right to recover their dues if payment is not made.

The second option can be selected where she quit claims the house to your husband and then try to get it sold. As your husband is named on the 2nd mortgage a foreclosure will negatively affect his credit score.

Eugene

Like | Dislike | Share | Posted: Wed, 03/14/2007 - 13:14 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Crissi,

Welcome to the forum.

The second option seems a better one. That is, you and your husband talk to the ex-wife so that she quit claims the property to your husband.

Now, your husband can pay off the [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] through rent payments and then try to sell the property later on. The lender who has offered the second loan may not object to your renting the property.

You have mentioned here that the ex-wife cannot afford payments and can therefore file bankruptcy. But if the court has assigned the loan to your husband, then he should be making the payments and not the ex-wife. So, if anyone has to file bankruptcy here, then it should be your husband and not his ex-wife because she is not liable for the debt any more.

Hope this is going to help you.

God bless you.

Samantha

Like | Dislike | Share | Posted: Thu, 03/15/2007 - 02:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

First off Thanks for all your advice! However; I think Samantha misunderstood me. The 1st mortgage the ex wife was assigned in divorice and the 2nd mortgage my husband. Our 2nd mortgage is current. Her 1st mortgage is not. Both morgages are in both names. My husband Quit Claimed the deed to her, since this is what was agreed on in the divorce.
Next thing, We went and looked at the property last night and needs work, but I think we are going to take it on. We are having a meeting to discuss with her and her husband. If we just have her Quit Claim the Deed back to him, I am wondering if I should be added to the deed? or if we should [url=http://www.mortgagefit.com/refinance.html]refinance[/url] it into only our names. I am just confused on the Quit Claim Deeds. Once she quit claims, does this completely take her out of the loop?
Please advice.
Thank You

Like | Dislike | Share | Posted: Thu, 03/15/2007 - 04:55 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome back Crissi,

I think you did not mention about the first mortgage in the above post and this is why Samantha may have taken it the other way. Anyway, what I understand from your query is that, your husband's ex-wife has to pay off the first mortgage against the property which you wish to get back through quit claim deed.

I think it will be better if you and your husband refinance the first mortgage. As it is not current, it is better to pay it off and prevent the ex-wife from going for bankruptcy or foreclosure.

When you refinance the loan, you can get the title in your names right at the time of closing. But then there will be two loans to be paid off by both of you. You need to think if you can afford to carry on with both the loans - the refinance loan and the second mortgage.

Thanks.

Like | Dislike | Share | Posted: Thu, 03/15/2007 - 05:37 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello,
Yes, I did leave out that info. Sorry :) OK if we refinace the 1st mortgage we will have to include the 2nd as well.. Since you can not pay off a 1st if you have a lein, which is the 2nd..? I am not sure if we would qualify for both 1st and 2nd combined since we already have a current house.
If we Quit Claim the Deed back to my husband, will that take her off of deed and she can not come back on the house later.?? I am actually going to call my atty and see what he thinks. But I like to get different ideas, so I have some knowledge on it prior. All this mortgage/ divorce stuff is CONFUSING. Goodness :)
Thanks again
Crissi

Like | Dislike | Share | Posted: Thu, 03/15/2007 - 07:30 | Post subject:

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Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hey Crissi,

Well, it's not possible for you to refinance the first when there is lien on the home, that is, the second mortgage. You will then have to get a refinance loan for the combined debt that is both the mortgages and I am not sure of whether you will get it. You need to check this out with some lenders.

If the ex-wife quit claims the property to your husband, it will take her off the deed and she will no longer have any share of interest in the house. Still she has the responsibility to pay off the loan and if she defaults, the house then being your husband's, it will be his liability to pay down the first loan. And, it's better not to rely on the ex-wife thinking that she'll pay off the loan one day and you can then have the house free of lien.

Now, I am not sure at this, but then if the lender offering the first mortgage is willing to negotiate with you and transfer you the loan by [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url], may be you can then take the responsibility of two loans, pay them off by refinance and get the house lien-free. But again managing two loans isn't easy for someone.

Just check out what your attorney has to say and then you can always discuss further with our community.

Good luck!

Like | Dislike | Share | Posted: Thu, 03/15/2007 - 20:49 | Post subject:

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