Posted on: 26th Nov, 2008 07:47 pm
my wife and i are in the process of getting divorced. we have been in our house for a mere 2 months. she wants out of the house completely, and i would like to keep it. i would like to hold on to it and rent the property out. i have spoken to my real estate agent, and they told us that right now we have roughly $12,000 in negative equity. can my wife sign a quit claim deed and give me the sole possession of the house (both of our names are on the title)? also, since we have the negative equity, should she be required to pay me half of that amount ($6000), and if so, would that be payable to me? i appreciate all of your help in this matter.
hi kings,
yes, your wife can sign a quitclaim deed and give you the sole possession of the property. but you should remember that if both of you are on the mortgage, then once she quitclaims the property, you need to refinance it to transfer the mortgage in your name. you can get some sample quitclaim deed forms in this link:
http://www.mortgagefit.com/predeal/quitclaim-stateforms.html
as far as the negative equity is concerned, i don't think you can force her to pay the negative equity. but you can speak to her about the negative equity payments. if she agrees, then you can accept the payments from her.
thanks.
yes, your wife can sign a quitclaim deed and give you the sole possession of the property. but you should remember that if both of you are on the mortgage, then once she quitclaims the property, you need to refinance it to transfer the mortgage in your name. you can get some sample quitclaim deed forms in this link:
http://www.mortgagefit.com/predeal/quitclaim-stateforms.html
as far as the negative equity is concerned, i don't think you can force her to pay the negative equity. but you can speak to her about the negative equity payments. if she agrees, then you can accept the payments from her.
thanks.