Posted on: 06th Feb, 2008 06:56 pm
My husband & I are getting a divorce. Our home is built on land deed to me through a family division prior to our marriage. I added my husband to the deed so that we could obtain the money to build our home. We now have two mortgages and I am a stay at home mom. My husband left me for another woman. My father wants to take over the mortages so that I don't loose the house that sits in the middle of my family's farm. My husband has not made any payments on the mortage for two months and I have borrowed money from my father to keep it out of forclosure. What do we need to do to get my husband to sign over the rights to the property? Since we have two mortages there is no remaining equity in the home...he made sure of that when he refinanced 5 times because of his credit card debt he was hiding from me. Please help! My family doesn't want to loose this house. Thanks so much!
hi bjhettinger,
welcome to the forums.
since it's between your husband and you and also there are loans taken against the house, i think you should be signing a quitclaim deed. but what i'm concerned about is will you be able to manage the mortgages? i mean you're a stay at home mom after all. did you have a talk with the lender within these 2 months and what's he saying? and, what i'm surprised is, how he could refinance 5 times when he had so much of credit card debts.
in case there isn't any way for you to pay for the mortgage on a monthly basis, and you wish to keep the property, i suggest that you file chapter 13 bankruptcy provided you qualify.
you can check here whether you qualify for chapter 13 or not. but do consult a bankruptcy attorney for further verification.
in case you have further doubts or need some more details, please feel free to ask.
take care
welcome to the forums.
since it's between your husband and you and also there are loans taken against the house, i think you should be signing a quitclaim deed. but what i'm concerned about is will you be able to manage the mortgages? i mean you're a stay at home mom after all. did you have a talk with the lender within these 2 months and what's he saying? and, what i'm surprised is, how he could refinance 5 times when he had so much of credit card debts.
in case there isn't any way for you to pay for the mortgage on a monthly basis, and you wish to keep the property, i suggest that you file chapter 13 bankruptcy provided you qualify.
you can check here whether you qualify for chapter 13 or not. but do consult a bankruptcy attorney for further verification.
in case you have further doubts or need some more details, please feel free to ask.
take care
Hi Sam,
Thanks for your reply. You are correct in being concerned about my ability to pay both mortgages. My father has been loaning me the money to do so, since we would like to keep it in the family because the property is in the middle of the family farm. I too, also wonder how he refinanced 5 times - my lawyer questions it too, but he did - well "we" did - I didn't realize how much debt there was until this last time back in June 07 - I took over the finances then, but it was too late by then. Then he up and left in the middle of December 07. I have filed for support to cover the mortgage. My Dad is willing to take over the mortgages, but we just need to get my husband to sign over his rights to the property. My parents don't want to continue to pay for the mortgages with his name on them because it is just helping his credit. We are hoping that he will see that it is his best interest to sign over his rights, because if he doesn't, then the property will go to foreclosure.
Any suggestions?
Thanks.
Thanks for your reply. You are correct in being concerned about my ability to pay both mortgages. My father has been loaning me the money to do so, since we would like to keep it in the family because the property is in the middle of the family farm. I too, also wonder how he refinanced 5 times - my lawyer questions it too, but he did - well "we" did - I didn't realize how much debt there was until this last time back in June 07 - I took over the finances then, but it was too late by then. Then he up and left in the middle of December 07. I have filed for support to cover the mortgage. My Dad is willing to take over the mortgages, but we just need to get my husband to sign over his rights to the property. My parents don't want to continue to pay for the mortgages with his name on them because it is just helping his credit. We are hoping that he will see that it is his best interest to sign over his rights, because if he doesn't, then the property will go to foreclosure.
Any suggestions?
Thanks.
How does his credit look? If it is good then you migt have a chance .If it is bad then he probably won't care one way or the other.But sounds like to me he would be glad to get out from under the 2 mortgages as he would get out of his credit card debts at the same time.
My husband and I are about to go through a divorce. We own two properties together one in Georgia and one in Florida. We both currently live in Georgia but I am planning on relocating back to Florida while the divorce is being finalized. We have agreed that he will take ownership of the house and Georgia and I will take the one in Florida. What do we do to remove ourselves from each of the properties. Would a quitclaim deed work for us to release one other from responsibility from each other property and mortgage obiligations?
Hi Brooklyn,
Both of you can sign quitclaim deeds in order to remove your names from the property deeds. However, signing a quitclaim deed will not help in removing names from the mortgage. Both of you will have to refinance the mortgage of your respective properties in order to remove the other person from the mortgage.
Thanks
Both of you can sign quitclaim deeds in order to remove your names from the property deeds. However, signing a quitclaim deed will not help in removing names from the mortgage. Both of you will have to refinance the mortgage of your respective properties in order to remove the other person from the mortgage.
Thanks