Posted on: 10th Oct, 2006 09:05 pm
A year before I divorced, my ex-spouse defaulted on many debts, so we filed personal bankruptcy as we had to save the house we owned. I got the house from the divorce and I am still paying for the mortgage since then. But as my credit report shows bankruptcy., I could not get a new loan to transfer it to my name. How can I be sure that my adult children will get the property after I die or that my ex does not get the title to property when the loan is paid off? Is the divorce decree enough or is there any statute of limitations on the decree.
if you can refinance the loan in your name and have him sign the quit claim deed at the closing on your new mortgage, you can get the title to the property.
Hi Jeff,
Since you have got the house in divorce, your ex (if he is on the title to the property) should convey all ownership interest in the property to you through a quit claim deed. He may not agree to do so until and unless you refinance the loan in your name. This is because he may not wish to lose any financial interest on the home, as he is n the mortgage.
Thanks,
Sara
Since you have got the house in divorce, your ex (if he is on the title to the property) should convey all ownership interest in the property to you through a quit claim deed. He may not agree to do so until and unless you refinance the loan in your name. This is because he may not wish to lose any financial interest on the home, as he is n the mortgage.
Thanks,
Sara
Hi,
If your ex has already transferred property title to you, as stated in the divorce decree, you will have no problem in getting access to the equity in the property.
If your ex has already transferred property title to you, as stated in the divorce decree, you will have no problem in getting access to the equity in the property.