Posted on: 13th Jun, 2006 10:19 am
my brother is recently divorced, he did not sign a quit claim deed to his ex-wife, and now she has decided to let him "have" the house. she is in debt in other ways. they financed a trailer through their home loan. she is walking away with only a used car and this trailer. however this is unlike her, to give up so easily. my brother has not lived in the house for 8 months and is now trying to secure financing on his own. should he have her sign a quit claim form or should he wait to make sure the payments are current etc. before taking on the responsibility of the home on his own. basically, i am asking what the order of importance is. what should be done first in order for him not to end up with any of her debt etc.
thanks so much for any help.
thanks so much for any help.
Hi KB,
To get out of any joint debts held with her ex-wife the loan needs to refinanced and he must try to make the loan separate in that way.
That's the only way he can ensure the payments to be current by taking a control in his own hands.
Quit claim is required to get all the interests transferred to his name so that she can't make any claims in the future.
To get out of any joint debts held with her ex-wife the loan needs to refinanced and he must try to make the loan separate in that way.
That's the only way he can ensure the payments to be current by taking a control in his own hands.
Quit claim is required to get all the interests transferred to his name so that she can't make any claims in the future.
Hi KB,
Welcome to MortgageFit Fourms.
The answer depends on what is important to him. If the house is important then he must have her sign a quit claim deed now so that she doesn't have any interests in the house left to make future claims.
Next if the debts are in joint names then it won't create any problems if he is making the payments and staying current.
But if there is any debt against a property or some other which he is not enjoying he should have it refinanced in her name so that he is not charged in future for delinquency on her part.
For the mortgage loan on the house, I am sure if her ex-wife signs a quit claim deed she will also want to have the loan refinanced in your brother's name only.
Hope this explains your query. Feel free to ask if you have further doubts.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Fourms.
The answer depends on what is important to him. If the house is important then he must have her sign a quit claim deed now so that she doesn't have any interests in the house left to make future claims.
Next if the debts are in joint names then it won't create any problems if he is making the payments and staying current.
But if there is any debt against a property or some other which he is not enjoying he should have it refinanced in her name so that he is not charged in future for delinquency on her part.
For the mortgage loan on the house, I am sure if her ex-wife signs a quit claim deed she will also want to have the loan refinanced in your brother's name only.
Hope this explains your query. Feel free to ask if you have further doubts.
God bless you.
For MortgageFit,
Samantha
Are gift taxes required if we transfer and refinance before the devorce. There is no debt other then the mortgage.
Hi
I think you'll still have to pay the gift taxes on transfer of property. But there are certain gift tax exemptions which you can claim.
I think you'll still have to pay the gift taxes on transfer of property. But there are certain gift tax exemptions which you can claim.