Posted on: 16th Jan, 2006 06:32 pm
wife and I are goin thru divorce. wife will not sell condo (joinly owned). will quitclaim deed free me of financial obligation and title responsibilities? please reply...thanks. A. Johnson
Is it mandatory to refinance with a quit claim?
hi bethany,
it is not mandatory to refinance with a quitclaim. but you should keep in mind that a quit claim deed does not transfer your financial liabilities. it can help you transfer only your property ownership. thus, if you want to take over the title from someone and also want to take the financial liability of the mortgage, you will have to refinance in your name.
it is not mandatory to refinance with a quitclaim. but you should keep in mind that a quit claim deed does not transfer your financial liabilities. it can help you transfer only your property ownership. thus, if you want to take over the title from someone and also want to take the financial liability of the mortgage, you will have to refinance in your name.
I was married for 32 yrs n divorced in 2008. My ex refused me anything in the divorce, so i walked away with nothing. ( he was cheating btw). Anyway i want the house out of my name but it was a VA loan. I have tried to contact them but always get machines not a real person. He told me they told him he would have to refinance the house in order to remove my name. Is this true? He has refused to do this also. I want nothing from the home even if he should sell it. I have become disable and i can't get disability with this house in my name. They turned me down for that reason only they said. I don't even live in the house or haven't since 2006. CAN U HELP ME??? OR GIVE ME ADVISE
what took place in divorce court? if he retained the house, that should have been discussed there, and there ought to be records reflecting this situation. you need to go back to the lawyer (i hope you had one in your corner) to get the information that might help you.
as for the refinance issue, he is correct in saying that is the only way in which you can be eliminated from consideration of the mortgage.
you can, however, transfer your interest in the property to him by way of a quit claim deed. by so doing, your disability claim may be better viewed.
as for the refinance issue, he is correct in saying that is the only way in which you can be eliminated from consideration of the mortgage.
you can, however, transfer your interest in the property to him by way of a quit claim deed. by so doing, your disability claim may be better viewed.
hello,
my wife has asked me for a divorce and really doesn't want anything but out. we have talked about transferring all of our "loose debt" meaning credit cards etc., to her and i will keep the house because the current market value is about $60k less than we owe.
i realize that a quit claim will not remove her from the mortgage liability and i probably will not be able to refinance due to value. i am not interested in a short sell or certainly foreclosure as i don't want to mess up my credit.
i am confident that i can afford to continue to make the payments without her income. what is the likelihood that my lender will allow novation in this case?
thank you for your help.
my wife has asked me for a divorce and really doesn't want anything but out. we have talked about transferring all of our "loose debt" meaning credit cards etc., to her and i will keep the house because the current market value is about $60k less than we owe.
i realize that a quit claim will not remove her from the mortgage liability and i probably will not be able to refinance due to value. i am not interested in a short sell or certainly foreclosure as i don't want to mess up my credit.
i am confident that i can afford to continue to make the payments without her income. what is the likelihood that my lender will allow novation in this case?
thank you for your help.
Hi Paul,
All the lenders do not allow novation. In your situation, most of them would want you to refinance the loan in your name and pay off the existing mortgage. You can discuss the option of novation with your lender. In case a novation is not possible, you can ask your lender if there are any other ways of removing your wife from the loan. If none of the options work, you can simply keep making the mortgage payments on time. As long as you are current on the loan, your wife's credit will not be affected. Then, after a few years, you can refinance the loan in your name.
All the lenders do not allow novation. In your situation, most of them would want you to refinance the loan in your name and pay off the existing mortgage. You can discuss the option of novation with your lender. In case a novation is not possible, you can ask your lender if there are any other ways of removing your wife from the loan. If none of the options work, you can simply keep making the mortgage payments on time. As long as you are current on the loan, your wife's credit will not be affected. Then, after a few years, you can refinance the loan in your name.
i'm also of the opinion that novation is a thing of the past. you'll likely find that they'll refuse and, of course, your options at a refinance are unlikely as well.
I am transferring ownership of my home to my son. Can we transfer the mortage and home equity that's in my name to him at the time of the title transfer?
there's no such thing as transferring of a mortgage or a home equity loan from one person to another. when you quit claim your interest in a property to another person, whether family or not, your obligation to repay any mortgage debt remains. the only ways in which you can eliminate that obligation is through refinance by that other party, novation (not a likely occurrence) or assumption (but that doesn't necessarily get you off the hook anyway).
transferring ownership of a property does that and that only.
transferring ownership of a property does that and that only.
I have been reading alot about a novation, but still have some questions. If, I do a novation can i put it under my sisters name or someone elses.
I did a refinance long time ago with my sister and then we really didnt know what we were doing and had to end up doing a modification because the morgage just kept going up and the morgage company kept getting sold it was very unstabled. Anyways to make things short, I dont live with her any more and have my own family and want out of this crazy morgage. So would a Novation work?
Hi Lulu,
A novation agreement is said to replace an old debtor with a new one, i.e. an existing borrower's name is removed from the motgage, while a new borrower takes over the responsibility of the mortgage. But in reality, there are very few lenders who allow novation. In a market condition such as this, lenders would not want to take your name off loan unless your sister refinances in her name.
A novation agreement is said to replace an old debtor with a new one, i.e. an existing borrower's name is removed from the motgage, while a new borrower takes over the responsibility of the mortgage. But in reality, there are very few lenders who allow novation. In a market condition such as this, lenders would not want to take your name off loan unless your sister refinances in her name.
That would be great but she can't refinance unless is with someone else. So i guess a novation is out of the question.
Thanks so much.
Thanks so much.
I HAVE BOUGHT A TOWNHOUSE 3 YRS AGO AT A FIXED RATE EVERY YR IT GO UP . THE AREA WHERE I LIVE IS DANGEROUS THERE HAVE BEEN THREE SHOTING RIGHT IN FRONT OF MY HOUSE. AND SHOTING AROUND THE AREA EVERY OTHER WEEK. I LIVE IN VIRIGINA AND WILL LIKE TO LEAVE FOR FEAR OF MY DAUGHTER AND ME GETTING SHOT WHILE IN OUR HOME. IS THERE SOME WAY OF GETTING OUT OF THE DEED :cry:
He will have to qualify to refinance the home into his name to remove the ex wife. The lender wants to be assured that if they release her from liability the payments will continue to be made.