Posted on: 03rd Jun, 2011 05:28 pm
Hello, I have been married a little over a year. In aug. 2010, we purchased a home. In the process of applying with a bank my husband claimed the loan officer assured him his previous bankruptcy would not effect procuring the loan since it was 4minths shy of being a2 year old filing.
We found a house and I put down a deposit of $5000, to open escrow. I should mention, one year BEFORE we were married I received a substantial monetary settlement for a wrongful termination (4 years previous). I purposely left this settlement deposited in my sole and separate bank account, even though my husband was pushing me to put it in a joint account. It was to be a thirty day escrow and I was using $28,000 of my settlement for the downpayment.
About 20 days into escrow the bank informed me that due to his bankruptcy, his name could not be on the mortgage or title to the home. I could not count his income, which wasn't a problem because they qualified me on my own. I also had to assume any debt that he had. Up until this point he was dealing with the bank. I immediately took over all communication with said bank. Several days later the bank called me and said the only way they would fund my loan was if I paid off his $11,000 truck loan (the original loan was in he and his mothers name as is the pink slip).
I was ready to cancel the whole deal when my real estate agent told me I would lose my $5000 deposit. Well, I needed the mortgage I tweedy to offset my impending income tax bill so paying off the truck seemed like the lesser of two evils. I requested they remove his name from the escrow papers and the realty agent said he was afraid that request would spoke the buyer, he said that they could change the title when we went to the escrow company to close. At that meeting,they made my husband sign a quitclaim deed relinquishing all rights and interest etc.
Well, I'm sure it's no surprise but now we are having marital issues and I am strongly considering divorce. He is threatening me with "taking half of everything, including e house". His only monetary contribution to the home is paying 1/2 the monthly mortgage which he transfers into my personal checking account.
He has not paid ANY of the downpayment, title insurance etc, AND to boot, I can't get him to change the pink slip on the truck that I paid for. Now with divorce in the air, that's not likely to happen. Is the quitclaim deed enough to keeping him from getting any, (not much to date, in this market) of the equity in MY HOME? We live in California.
Also the title that was recorded in my name as "a married woman, holds as her sole and separate...etc.
Both documents were notarized and included in the close of escrow. Do I have any right to equity in his truck, that I paid for?
We found a house and I put down a deposit of $5000, to open escrow. I should mention, one year BEFORE we were married I received a substantial monetary settlement for a wrongful termination (4 years previous). I purposely left this settlement deposited in my sole and separate bank account, even though my husband was pushing me to put it in a joint account. It was to be a thirty day escrow and I was using $28,000 of my settlement for the downpayment.
About 20 days into escrow the bank informed me that due to his bankruptcy, his name could not be on the mortgage or title to the home. I could not count his income, which wasn't a problem because they qualified me on my own. I also had to assume any debt that he had. Up until this point he was dealing with the bank. I immediately took over all communication with said bank. Several days later the bank called me and said the only way they would fund my loan was if I paid off his $11,000 truck loan (the original loan was in he and his mothers name as is the pink slip).
I was ready to cancel the whole deal when my real estate agent told me I would lose my $5000 deposit. Well, I needed the mortgage I tweedy to offset my impending income tax bill so paying off the truck seemed like the lesser of two evils. I requested they remove his name from the escrow papers and the realty agent said he was afraid that request would spoke the buyer, he said that they could change the title when we went to the escrow company to close. At that meeting,they made my husband sign a quitclaim deed relinquishing all rights and interest etc.
Well, I'm sure it's no surprise but now we are having marital issues and I am strongly considering divorce. He is threatening me with "taking half of everything, including e house". His only monetary contribution to the home is paying 1/2 the monthly mortgage which he transfers into my personal checking account.
He has not paid ANY of the downpayment, title insurance etc, AND to boot, I can't get him to change the pink slip on the truck that I paid for. Now with divorce in the air, that's not likely to happen. Is the quitclaim deed enough to keeping him from getting any, (not much to date, in this market) of the equity in MY HOME? We live in California.
Also the title that was recorded in my name as "a married woman, holds as her sole and separate...etc.
Both documents were notarized and included in the close of escrow. Do I have any right to equity in his truck, that I paid for?
Hi duncan,
If your husband signs a quitclaim deed, then it will help you in removing his name from the property. But if he does not sign the deed, you won't be able to force him to leave the property. He can claim his share in the property at the time of the divorce. You can contact an attorney and take his opinion in this regard.
Thanks
If your husband signs a quitclaim deed, then it will help you in removing his name from the property. But if he does not sign the deed, you won't be able to force him to leave the property. He can claim his share in the property at the time of the divorce. You can contact an attorney and take his opinion in this regard.
Thanks
Thank you for the response. Let me clarify, his name is neither on the mortgage, title or anywhere else. The mortgage company MADE him sign a quitclaim deed at the face to face meeting to sign escrow papers at close escrow. So I have a signed and notarized quitclaim deed with his signature.
His name was only on the original submitted offer to the seller by way of our real estate agent. The real estate agents said they did not want to remove his name from the escrow papers at that time due to the fact we were already 20 days into the escrow when the bank notified me that basically "your husband cannot buy this house with you, he can't be on the title OR the mortgage", and if we changed it they would have to start escrow all over again and the seller would have accepted another offer. So basically, he never purchased the home with me, they just had him sign a quitclaim deed to facilitate that, at the close of escrow.
Does that protect my financial interest in the house and if he "refuses to move out", can the police enforce the fact he DOES NOT OWN THE HOME to get him to leave MY property? He is a real "piece of work" and most likely has a "borderline personality order". In fact shortly after we married, I found out he had lied to me about the debt surrounding his bankruptcy, and in fact it wasn't from a "failed small business", it was due to A,K,Q,J,10 debt if you know what I mean. I feel so stupid and I feel as though I have been "defrauded" by him. (not sure that's the correct word) :(
I would appreciate any advice or light you could shed my way.
Signed,
"DUPED"
His name was only on the original submitted offer to the seller by way of our real estate agent. The real estate agents said they did not want to remove his name from the escrow papers at that time due to the fact we were already 20 days into the escrow when the bank notified me that basically "your husband cannot buy this house with you, he can't be on the title OR the mortgage", and if we changed it they would have to start escrow all over again and the seller would have accepted another offer. So basically, he never purchased the home with me, they just had him sign a quitclaim deed to facilitate that, at the close of escrow.
Does that protect my financial interest in the house and if he "refuses to move out", can the police enforce the fact he DOES NOT OWN THE HOME to get him to leave MY property? He is a real "piece of work" and most likely has a "borderline personality order". In fact shortly after we married, I found out he had lied to me about the debt surrounding his bankruptcy, and in fact it wasn't from a "failed small business", it was due to A,K,Q,J,10 debt if you know what I mean. I feel so stupid and I feel as though I have been "defrauded" by him. (not sure that's the correct word) :(
I would appreciate any advice or light you could shed my way.
Signed,
"DUPED"
Hi duncan,
You have mentioned that the person has signed the quitclaim deed. It means that his name is on the property title. In such a situation, you won't be able to remove him from the property or force him to leave the property. I don't think that the police will help you in removing him from the property.
You have mentioned that the person has signed the quitclaim deed. It means that his name is on the property title. In such a situation, you won't be able to remove him from the property or force him to leave the property. I don't think that the police will help you in removing him from the property.
I understand what you are saying, but the ONLY PURPOSE of the quitclaim deed was to remove his name from the ESCROW PAPERS. His name was never at any time on the title.
The title, notarized and filed with the county says: my name, as a married woman, holds as her sole and separate property, address, lot, etc. He was NEVER ON THE TITLE
Hi duncan!
Welcome to forums!
If the person's name is not mentioned on the property deed, then he won't be able to claim any rights to the property. I will suggest you to contact a real estate attorney and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the person's name is not mentioned on the property deed, then he won't be able to claim any rights to the property. I will suggest you to contact a real estate attorney and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane
Thank you for the clarification! He threatens me all the time with taking "half of everything", I know I've made perhaps a huge mistake but it's bad enough I had to assume (and pay off) his $11,000 loan on a truck that ia in he and his mothers name, at least being able to protect my real estate investment is some piece of mind. Who knows, in the end it may be well worth my $11,000 investment to get rid of him. Another words maybe I can use the truck as a bargaining chip. I will take your advice and consult a real estate attorney. Than you for your time and consideration in this response.
Hi duncan,
It is good to note that the forum members were helpful to you. Do share with us the outcome of this whole thing. It will help others deal with the matter who are facing similar situation.
Thanks
It is good to note that the forum members were helpful to you. Do share with us the outcome of this whole thing. It will help others deal with the matter who are facing similar situation.
Thanks