Posted on: 06th Jul, 2009 12:35 pm
If a spouse is given the home in a divorce by warranty deed - what is the point of this - since i am still liable for the loan??? What good does it do to hire a divorce attorney - pay for these documents that are "worthless" could some one please explain this to me.
If your former spouse is inheirting money and past due on the loan - can the mortgage company take that money to satisfy the debt
If your former spouse is inheirting money and past due on the loan - can the mortgage company take that money to satisfy the debt
Hi clangley,
Welcome to our forum.
As you say he transfer house to you by warranty deed, Warranty deed means, As a grantor or seller, you hold title clear and free of any liens and have the right to transfer it to the another person or buyer. You can hire the divorce attorney & you must have to pay few $ for documentation of deed.
That means you property is clear & if you have good credit score then you can take another loan on this house as collateral.
Thanks & Regards.
gunz.ijjistaff.
___________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Welcome to our forum.
As you say he transfer house to you by warranty deed, Warranty deed means, As a grantor or seller, you hold title clear and free of any liens and have the right to transfer it to the another person or buyer. You can hire the divorce attorney & you must have to pay few $ for documentation of deed.
That means you property is clear & if you have good credit score then you can take another loan on this house as collateral.
Thanks & Regards.
gunz.ijjistaff.
___________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Hi clangley,
"If a spouse is given the home in a divorce by warranty deed - what is the point of this - since i am still liable for the loan???
"
What does your divorce decree state? Who has got the house, you or your spouse? In whose name is the loan? If the loan is in your name and you transfer the property to your spouse through a warranty deed, you will still be responsible for the loan. Your spouse needs to refinance the property to get your name off the mortgage.
"If a spouse is given the home in a divorce by warranty deed - what is the point of this - since i am still liable for the loan???
"
What does your divorce decree state? Who has got the house, you or your spouse? In whose name is the loan? If the loan is in your name and you transfer the property to your spouse through a warranty deed, you will still be responsible for the loan. Your spouse needs to refinance the property to get your name off the mortgage.