Posted on: 31st May, 2007 11:59 am
my divorce was final in march 07. in december 2004 i and my ex bought a property. i was just building my credit so he didnt include my name on the loan but we signed the home documents together our names are both on the title.
now he wants to refinance the home and he wants me to sign a quit claim deed relinquishing my rights.
should i sign this if not what are the options available to me since the home was purchased while we were still together.
i am interested in the "buyout" option but i'm confused as to the amount. how is the amount usually established/determined in cases where there is no equity yet on the house. the house was purchased for $131,000 in dec 04
thanks
mimi
now he wants to refinance the home and he wants me to sign a quit claim deed relinquishing my rights.
should i sign this if not what are the options available to me since the home was purchased while we were still together.
i am interested in the "buyout" option but i'm confused as to the amount. how is the amount usually established/determined in cases where there is no equity yet on the house. the house was purchased for $131,000 in dec 04
thanks
mimi
Hi Mimibaby,
Welcome to Mortgagefit discussion board.
You can transfer your ownership to him using a quit claim deed and as you want to get a share from the house ask for the return of the contribution you had made towards improvement and upkeep of the house.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
You can transfer your ownership to him using a quit claim deed and as you want to get a share from the house ask for the return of the contribution you had made towards improvement and upkeep of the house.
Do let me know if you have any other questions.
Thanks
Blue
You should calculate how much you have paid towards expenses related to the house in these years and also any payment made for the down payment & closing costs at the time loan was taken.
Miller
Miller
Did divorce decree mention something about how the property is to be divided? And were you contributing towards mortgage payments?
You should not be concerned about the equity in the house rather you need to calculate how much of your money has gone into this property and recover it.