Posted on: 06th Jul, 2010 09:04 am
me and my ex had bought a house together several years ago. we split up and i have been out of the house since 2008. we have tried everything to get my name taken off of the house, but because the loan amount is $320,000 and the house is only appraising at around $270,000, we pretty much have no options. because we weren't married, we are finding it hard to do anything to get my name removed. he was recently told that he could do a loan modification, but in order for him to do that, i would have to sign a quit claim deed. i am trying to figure out exactly how a quit claim deed works and what it does. i don't want to sign this paper and my name come off of the title and still be on the loan. so i guess my question is, can someone explain to me what a quit claim is and if in any way it is going to affect my name being on the title. i am not sure if that would be something separate and we would have to go through the title company to change that or if the quit claim deed will have any affects. please help!!!
Hi hwilliams!
Welcome to forums!
A quit claim deed is a legal document which helps a person to transfer property to someone else. If you sign the quit claim deed, it will help you in removing your name from the property deed. However, it won't remove your name from the mortgage. You will be liable for the mortgage though you sign the quit claim deed.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A quit claim deed is a legal document which helps a person to transfer property to someone else. If you sign the quit claim deed, it will help you in removing your name from the property deed. However, it won't remove your name from the mortgage. You will be liable for the mortgage though you sign the quit claim deed.
Feel free to ask if you've further queries.
Sussane
hello,
my house is being sold to person who is having trouble getting a loan. he plans to pay the house current ~24k and give me ~15k. he wants to take title and pay on the loan for 2 hrs than refinance.
what are the legal consequences to me if he stops paying on the loan?
what legal actions would have to take?
should i maintain title or have joint title until he gets complete financing?
my house is being sold to person who is having trouble getting a loan. he plans to pay the house current ~24k and give me ~15k. he wants to take title and pay on the loan for 2 hrs than refinance.
what are the legal consequences to me if he stops paying on the loan?
what legal actions would have to take?
should i maintain title or have joint title until he gets complete financing?
Hi Guest,
If the loan is in your name and if he stops paying the mortgage, then the lender will come after you in order to collect the mortgage payments. It will be a better option if he could refinance the mortgage in his name. This will make him solely responsible for the mortgage. As he is finding it difficult to get a mortgage, it is better to not sell off the property to him.
If the loan is in your name and if he stops paying the mortgage, then the lender will come after you in order to collect the mortgage payments. It will be a better option if he could refinance the mortgage in his name. This will make him solely responsible for the mortgage. As he is finding it difficult to get a mortgage, it is better to not sell off the property to him.
my friend was divorced a year ago and she owns her home. she paid for the home entirely with her own money prior to being married but her husbands name was put on the title. a year after their divorce he told her he has hired an attorney to take his share of the home. does he have a legal right in this situation? how can his name be removed from the title?
Hi ayiko!
Welcome to forums!
As the husband's name is mentioned on the property deed as one of the owners of the property, your friend won't be able to force him to leave his share of the property. She will have to ask him to sign a quitclaim deed and transfer his share of the property to her in order to get back the whole property. She should contact a real estate attorney and check out if she can do anything in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the husband's name is mentioned on the property deed as one of the owners of the property, your friend won't be able to force him to leave his share of the property. She will have to ask him to sign a quitclaim deed and transfer his share of the property to her in order to get back the whole property. She should contact a real estate attorney and check out if she can do anything in this regard.
Feel free to ask if you've further queries.
Sussane
my brother has the power of attourney and my mother died. the title to the house has 4 names on it. can my brother sell the house without requiring all of us to sign the title. my sister is a ward of the state and is on the title.
Hi mustanggeorge,
If all of your names are mentioned on the property deed, then your brother won't be able to sell off the house without your permission. He will have to take the permission of all the owners of the property to sell off the property.
If all of your names are mentioned on the property deed, then your brother won't be able to sell off the house without your permission. He will have to take the permission of all the owners of the property to sell off the property.
can you just go to the court house and sign your name on titlr and deed? my mother die left no will my brother went down to court house and put his name on title and deed can he do this?
Welcome rshelton,
You and your brother will have to file an affidavit of heirship at the county recorder's office in order to get the property transferred in your names. Your brother cannot simply put his name on the property deed. If you wish, then you can contact a real estate attorney and challenge the deed.
You and your brother will have to file an affidavit of heirship at the county recorder's office in order to get the property transferred in your names. Your brother cannot simply put his name on the property deed. If you wish, then you can contact a real estate attorney and challenge the deed.