Posted on: 28th Apr, 2010 08:01 am
Divorced filed 20 months ago. Had lawyers at 1st. Didn't know getting divorce was '2nd job'. Thought lawyers did the work. $ gone before settled. We continue w/ Marital Settlement Agreement lawyers made.
Plans are to keep retire plans separate, same for own debts. Wife not work last 14 months. She took med leave Dec. '08, her mom w/
Alzheimer's. Needed longer so quit her job. Not look hard for work.. Gone thru her retirement $.
Have 1 credit card in my name, she could charge on it tho. Sev cards have both names. She has some w/ her name only. I'm not liable for that debt. House has ~ $25T equity so no file a Chap 13, will be Chap. 7. Have lot for $10 - 12T. Together owe $22T in unsecured debt. 1st mort (on time) under $12T. 2nd (behind 6 mo) over $47T. If approved for refi, I can afford monthly $. That lower than apt $. Would pull retire loan for cards.
Had no idea about divorce being in my life. My parents died 2001. W/ inheritance started CD. Rest paid off lot, my 2005 Focus and several credit cards. Had to move $ from CD to pay on our bills. That made itcommunity property. Lawyer told wife to withdraw 1/2 of CD. All inheritance now gone
Just learned about Quit Claims. Been thinking I had to avoid her benefiting from my retire $. With Quit Claims on house and lot, I feel I can be 'reimbursed' and she being made responsible/accountable for her excess spending and not working last 14 mos.. She still have her debts to deal with. She may get a temp job start next week. She no clue where live. Thinks will get custody of our 16 y o daughter.
Wished I'd know about Quit Claims earlier! Now only prob being approved for house loan alone.
Plus the 2nd mortgage lawyers have told me to settle by end of month!!!!!
Going to send 2nd mort comp refi app on 27th and call to see if will put off action.
That is my last hope.
Unless someone here has suggestions.
Plans are to keep retire plans separate, same for own debts. Wife not work last 14 months. She took med leave Dec. '08, her mom w/
Alzheimer's. Needed longer so quit her job. Not look hard for work.. Gone thru her retirement $.
Have 1 credit card in my name, she could charge on it tho. Sev cards have both names. She has some w/ her name only. I'm not liable for that debt. House has ~ $25T equity so no file a Chap 13, will be Chap. 7. Have lot for $10 - 12T. Together owe $22T in unsecured debt. 1st mort (on time) under $12T. 2nd (behind 6 mo) over $47T. If approved for refi, I can afford monthly $. That lower than apt $. Would pull retire loan for cards.
Had no idea about divorce being in my life. My parents died 2001. W/ inheritance started CD. Rest paid off lot, my 2005 Focus and several credit cards. Had to move $ from CD to pay on our bills. That made itcommunity property. Lawyer told wife to withdraw 1/2 of CD. All inheritance now gone
Just learned about Quit Claims. Been thinking I had to avoid her benefiting from my retire $. With Quit Claims on house and lot, I feel I can be 'reimbursed' and she being made responsible/accountable for her excess spending and not working last 14 mos.. She still have her debts to deal with. She may get a temp job start next week. She no clue where live. Thinks will get custody of our 16 y o daughter.
Wished I'd know about Quit Claims earlier! Now only prob being approved for house loan alone.
Plus the 2nd mortgage lawyers have told me to settle by end of month!!!!!
Going to send 2nd mort comp refi app on 27th and call to see if will put off action.
That is my last hope.
Unless someone here has suggestions.
hi bamakodaker!
welcome to forums!
if your wife's name is on the property deed, then she will have to sign a quit claim deed in your favor and remove her name from the property deed. then you will be able to refinance the mortgage in your name. however, in order to refinance the loan, you should have equity in it and you shouldn't be delinquent on your loan payments.
sussane
welcome to forums!
if your wife's name is on the property deed, then she will have to sign a quit claim deed in your favor and remove her name from the property deed. then you will be able to refinance the mortgage in your name. however, in order to refinance the loan, you should have equity in it and you shouldn't be delinquent on your loan payments.
sussane
please note in the 3rd paragraph in say we are 6 months behind on our second mortgage. since wife has not worked in last 14 months we are way behind on those payments. if i can get refinance on house, i can then go ahead with divorce and pull from my retirement to take care of my/our debts. no sense pulling from retirement if i'm going to lose the house.