Posted on: 26th Oct, 2010 02:45 pm
hi, i am currently share ownership of a home with my ex wife. for the childrens sake we decided that she currently reside at that residence. she recently contacted an attorney in order to obtain a loan modifcation from our lender. according to the attorney the only way this loan modification will go through is if i submit a quit claim deed and pass ownership to her. this is something i do not want to do. i worked just as hard for this house as she did and i cannot transfer ownership to her. she assured me that her attorney stated that if the house goes on the market i will still be entitled to the half of profits because the divorce decree states we must split profits 50/50. i am still skeptical. anyone familiar with the process or has gone through a similar situation?
Hi Pete,
It is true that if your wife wants to get a loan modification, then you'll have to sign a quitclaim deed and transfer the ownership to her. You can sign a separate document with her stating the fact that you will be able to claim half of the sale price of the property if it is sold off in the market.
Thanks
It is true that if your wife wants to get a loan modification, then you'll have to sign a quitclaim deed and transfer the ownership to her. You can sign a separate document with her stating the fact that you will be able to claim half of the sale price of the property if it is sold off in the market.
Thanks