Posted on: 08th Jan, 2007 02:59 pm
hi,
my husband and i are divorcing. i would like to keep the house and have a quit claim deed. it is my understanding that it would give me all of the equity in the house, as well as the financial responsibility (we currently have two mortgages). the purpose in doing this is to avoid my needing to refinance the home at this time, and keep him from claiming his half of the equity when/if i sell.
would he have any rights to the property if we were to do this? would i be able to sell the home without his permission? would his name still be on the title? and, how would this affect my current mortgages? that was a lot of questions.
thanks,
julie
my husband and i are divorcing. i would like to keep the house and have a quit claim deed. it is my understanding that it would give me all of the equity in the house, as well as the financial responsibility (we currently have two mortgages). the purpose in doing this is to avoid my needing to refinance the home at this time, and keep him from claiming his half of the equity when/if i sell.
would he have any rights to the property if we were to do this? would i be able to sell the home without his permission? would his name still be on the title? and, how would this affect my current mortgages? that was a lot of questions.
thanks,
julie
Hi Julie,
Welcome to the forums.
It's perfectly fine if you wish to get your husband sign over a quit claim deed and transfer the property to you. The equity will be all yours and your husband will not have any claim over the property.
Now, if both of you have names on the loan, then these will remain so even if the quit claim is done. So, chances of refinance remain and it's possible only when both of you agree to take the step.
Thanks,
Sara
Welcome to the forums.
It's perfectly fine if you wish to get your husband sign over a quit claim deed and transfer the property to you. The equity will be all yours and your husband will not have any claim over the property.
Now, if both of you have names on the loan, then these will remain so even if the quit claim is done. So, chances of refinance remain and it's possible only when both of you agree to take the step.
Thanks,
Sara
Having a quit claim deed done is ok but as much as i have heard, the court may decide as to how property should be divided amongst you and your husband.
The divorce decree may have all details as to how court wants you to divide the property.
The divorce decree may have all details as to how court wants you to divide the property.
But Raschel, I think if both of you mutually agree to any particular division of property then courts have no objection to any such mutually agreed property division.
The other thing you asked -"Would i be able to sell the home without his permission?"
You would be able to sell the home after the mortgages are paid off and won't require his permission. If you sell the home before the mortgages have been repaid then you will be required to pay off the two mortgages from the proceeds of the sale.
The other thing you asked -"Would i be able to sell the home without his permission?"
You would be able to sell the home after the mortgages are paid off and won't require his permission. If you sell the home before the mortgages have been repaid then you will be required to pay off the two mortgages from the proceeds of the sale.
Julio, I am not into any kind of divorce situation, it's Julie and i was just trying to help her out. But i agree with you.
If Julie and her husband can come into an agreement such that she will get all equity in the house, then there is no need of court action.
In case Julie's husband is willing to hand over the property, she should have him sign over a quit claim deed (I would have suggested warranty deed had there been no loan against the house).
If Julie and her husband can come into an agreement such that she will get all equity in the house, then there is no need of court action.
In case Julie's husband is willing to hand over the property, she should have him sign over a quit claim deed (I would have suggested warranty deed had there been no loan against the house).
My apologies Raschel, by mistake I addressed you in place of Julie. Mixed up the names somehow :)
That's not a problem julio, that's ok.