Posted on: 27th Sep, 2007 07:49 pm
i recently married and my husband and i share a home that he purchased during his first marriage.
the mortgage is still in both names(his and his ex's). the divorce papers state he has the house .
he doesn't want to refinance due to the high cost.
will a quit claim and the divorce papers be enough? if something happens to my husband will i still have a home?
the mortgage is still in both names(his and his ex's). the divorce papers state he has the house .
he doesn't want to refinance due to the high cost.
will a quit claim and the divorce papers be enough? if something happens to my husband will i still have a home?
Hi Msstone,
Welcome to the forums.
The mortgage loan may be in both names but your husband must have claimed the house in court. As a result the court must have awarded him the property after divorce. And, if the divorce papers state that your husband has the house then I'm afraid it's his entirely. Didn't you know that he was claiming the property in court? Then perhaps you could have fought for your rights. The loan may have your name but the property isn't yours anymore. Also, you have to continue paying for the loan since your husband doesn't want to refinance.
Take Care
Welcome to the forums.
The mortgage loan may be in both names but your husband must have claimed the house in court. As a result the court must have awarded him the property after divorce. And, if the divorce papers state that your husband has the house then I'm afraid it's his entirely. Didn't you know that he was claiming the property in court? Then perhaps you could have fought for your rights. The loan may have your name but the property isn't yours anymore. Also, you have to continue paying for the loan since your husband doesn't want to refinance.
Take Care
No I am the new wife. MY husband was rewarded the house in the divorce but , the mortgage still has his ex wife's name on it as does the deed.
hi msstone,
in order to have only your husband's name in the deed he has to obtain a quit claim from his ex-wife. his ex-wife's name could be removed from the mortgage by refinancing it so that the new mortgage bears his name only. novation is yet another option to remove it from the loan but he has to take the lender's approval before doing that. i think refinancing is the better option.
regarding your security, you may ask your husband to quit claim a part of the property to you. if anything happens to your husband you will automatically get the property through joint tenancy with right of survivorship.
in order to have only your husband's name in the deed he has to obtain a quit claim from his ex-wife. his ex-wife's name could be removed from the mortgage by refinancing it so that the new mortgage bears his name only. novation is yet another option to remove it from the loan but he has to take the lender's approval before doing that. i think refinancing is the better option.
regarding your security, you may ask your husband to quit claim a part of the property to you. if anything happens to your husband you will automatically get the property through joint tenancy with right of survivorship.
Hi Msstone,
When your husband has got the property as per the divorce decree, he should refinance the loan in his name. Even though it may cost him high, yet he will have to refinance the loan in his sole name, provided he wants to remove his ex-wife's name from it. Otherwise, he can also proceed with a novation to remove his ex from the loan.
And to confirm your share to the property, your husband needs to add you to the title by using a quitclaim deed. In that case, even if anything happens to your husband, you will still retain your ownership right to the property.
When your husband has got the property as per the divorce decree, he should refinance the loan in his name. Even though it may cost him high, yet he will have to refinance the loan in his sole name, provided he wants to remove his ex-wife's name from it. Otherwise, he can also proceed with a novation to remove his ex from the loan.
And to confirm your share to the property, your husband needs to add you to the title by using a quitclaim deed. In that case, even if anything happens to your husband, you will still retain your ownership right to the property.
Hi msstone, now that, your husband has divorced with his the first wife, and they have a common mortgage in your house. If his first wife has a bankruptcy or refused payment the loan, maybe thee is some trouble in your house. so ,you'd better ask you husband to refinance.
But, I want to ask larry. the house has been mortgaged, can her husband use a qiutclaim deed for her? is it will be allowed by bank??
But, I want to ask larry. the house has been mortgaged, can her husband use a qiutclaim deed for her? is it will be allowed by bank??
If the divorse papers show that your husband gets the house there should be clear instructions as to how this is supposed to happen. If his Ex. sighned the quitclaim giving the property to him then she no longer has any interest in the property. Otherwise she needs to. However it is likely your husband will neeed to refinance the property into your guys names in order to have the mortgage and the property recorded correctly.
