Posted on: 01st Oct, 2008 09:14 pm
My ex took a loan on our home , my name is not on the loan however I am on the deed. the divorce Judge court order was for him to do a claim claim deed on the home. can that be done with debt still owed on the home. or do I have to refinace the home in my name first? thank Angie
hi angie!
welcome to forums!
if your ex does a quitclaim, then he will only be transferring the property interests to you. once he does that, you need to refinance and transfer the mortgage in your name. quitclaim deed does not transfer mortgage in your name.
feel free to ask if you have further queries.
sussane
welcome to forums!
if your ex does a quitclaim, then he will only be transferring the property interests to you. once he does that, you need to refinance and transfer the mortgage in your name. quitclaim deed does not transfer mortgage in your name.
feel free to ask if you have further queries.
sussane
Sussane
Thanks, however what if I am unable to refinance @ this time. can he still do the quick deed? I am concerned because he hasnt paid taxes in 12 years. and I fear the IRS can come in and take my house before I am able to refinance.
Thanks, however what if I am unable to refinance @ this time. can he still do the quick deed? I am concerned because he hasnt paid taxes in 12 years. and I fear the IRS can come in and take my house before I am able to refinance.
hi angiepchilds!
if you are unable to refinance right now, then you can try the process of novation. but your ex can still transfer the property to you through a quitclaim. it has nothing to do with a mortgage. if he quitclaims the property to you and you cannot refinance, then the mortgage remains in his name and he will have to pay it.
thanks,
jerry
if you are unable to refinance right now, then you can try the process of novation. but your ex can still transfer the property to you through a quitclaim. it has nothing to do with a mortgage. if he quitclaims the property to you and you cannot refinance, then the mortgage remains in his name and he will have to pay it.
thanks,
jerry
Hi Again,
If i sale my home . what would be the normal taxes I would have to pay if I dont reinvest it into another home? and is there any way around that ? Im unsure if different states varies I live in Alabama.
Thanks
If i sale my home . what would be the normal taxes I would have to pay if I dont reinvest it into another home? and is there any way around that ? Im unsure if different states varies I live in Alabama.
Thanks
Hi Angie!
Once you sell your home, you will have to pay capital gains tax based on the profit of the sale. Apart from this, there are certain taxes levied by the state which you will have to pay.
Sussane
Once you sell your home, you will have to pay capital gains tax based on the profit of the sale. Apart from this, there are certain taxes levied by the state which you will have to pay.
Sussane
if he is turning over the home to you then yes, you need to refinance to put the loan into your name. at closing, the title company can prepare the quit claim deed to take his name off the house and put yours on.