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What rights do I have with not having given a qt claim deed?

Posted on: 17th Nov, 2006 10:20 am
my divorce was final about four months ago. i gave up possession of the house and property, however i have not given my ex a quit claim deed. she is unable to refinance (even with 10% down - co-signer not available)due to her extremely poor credit rating. what rights do i have to the house and property? options? i really want out from under the financial liability on the house and she refuses to sell. am i stuck? i\'d appreciate any help here. thank you!
Hi,

"What rights do I have to the house and property?"
As you have not signed the quit claim deed to transfer the ownership over to your ex-wife, you are still co-owner of the house along with her.

If the divorce decree states that the house will go to her then you will have to sign the deed to transfer your share over in her name.
Posted on: 17th Nov, 2006 10:32 am
instead of refinance if the lender agrees then novation is also possible in which she will not have to qualify and her rating will not be a factor.
Posted on: 17th Nov, 2006 10:36 am
"I really want out from under the financial liability on the house and she refuses to sell."
If you still have rights over the house as per the divorce decree then you can bring a partition lawsuit which will result in the sale of the house and division of the proceeds between two of your after the debts on the property are paid off.

Ansel Douglas
Posted on: 17th Nov, 2006 10:42 am
However, novation only works if my ex has good credit... something she does not have. I've talked to my mortgage institution about transferring the mortgage to her, but they refused citing her bad credit. As you can see, I'm sort of stuck here. Thank you very much for you help!
Posted on: 17th Nov, 2006 10:43 am
You say you gave up possession...was that part of your divorce settlement? If so, you may have no rights to the house, regardless of who's on title.

And it may be tough, if not impossible, to get the lender to agree to novation.

I would suggest you talk to your attorney.


8) [/quote]
Posted on: 17th Nov, 2006 10:44 am
"She is unable to refinance (even with 10% down - co-signer not available)due to her extremely poor credit rating."
There is refinance available for people with poor credit but then the rates will be higher than normal. You should ask your ex-wife to get in touch with such lenders for the refinance.
Posted on: 17th Nov, 2006 11:09 am
Hi Dshillin,

If you have given up your possession of the property as stated in the divorce settlement, then by this time, you should have transferred your share of interest through quit claim deed. Now that you haven't, you still have no rights on the property. This is because the divorce settlement does not allow you to possess any ownership right on the property.

Regarding the home loan, if you have both of your names on it, then both of you should pay for it simply by transferring your property, you cannot get rid of the loan. and, since a novation isn't possible, I think you can just sign over a quit claim and let her refinance the loan in her name only.

Thanks,

Sara
Posted on: 19th Nov, 2006 09:35 pm
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