We owned a house during the marriage and when we divorced he agreed to pay me $100 a month until my half of the value was reached. Now he is deeply in debt and wants to get a home equity loan, but he says I must quit claim for him to be able to do this. I DO NOT want to be paid off in a lump sum, as this will affect other benefits of mine. He says he can quit claim my name back on the deed after his loan goes through. Is this legit?
2006-06-11 16:25:53 · 8 answers · asked by Singlemomof10 4 in Business & Finance ➔ Personal Finance
I am not an attorney, but can give you some things to think about.
Your half of the value can go up or down, depending on market value. How much total is he giving you as your part. It should be 1/2 of the value (equity) left after the loan is paid,when you got your divorce. When you quitclaim, you are saying you no longer have an interest on the house. Are you sure he would agree to put you back on the house.
If he refinances, he is using up your equity. If the house gets sold, there will be a bigger loan to pay off. There may or may not be any money left after the loan is paid off.
Hope I didn't confuse you. I really suggest you consult an attorney who will look out for your rights.
2006-06-11 17:24:53 · answer #1 · answered by dark gaurdiun 2 · 2⤊ 1⤋
If you sign a quit claim, you have lost all interest in the property.
A quit claim says you are no longer involved in the property, and that you are voluntarily giving up your rights to it. Also, once you've signed a quit claim, you don't even have legal standing to sue him if he doesn't put you back on the deed.
You would need to trust this man very very very deeply to enter into an agreement like this.
2006-06-11 16:29:44 · answer #2 · answered by Stuart 7 · 0⤊ 0⤋
Absolutely NOT. If you agree to quit the claim on a deed, you're toast and will never get back ON it. If you quit the claim he can sell the house, take off and never pay you a cent. See your lawyer.
2006-06-11 16:31:18 · answer #3 · answered by fiddlesticks9 5 · 0⤊ 0⤋
When you quit claim property, you reliqunish all ownership to the property, no stipulations. This is a very unwise move. He can't quit claim it back to you anyway, as there will be a mortgage on it, and he can't be released. He is trying to con you.
2006-06-11 16:34:07 · answer #4 · answered by DollyLama 5 · 0⤊ 0⤋
Run if he decides not to claim it back you are in the street with a 90 day vacate notice.. Also ther is a name for whay he is asking you to do BANK FRAUD.... If you have to take a lump sum consider having it deposit directly to IRA
2006-06-11 16:33:18 · answer #5 · answered by yardbarn 1 · 0⤊ 0⤋
Do you trust him that much? So he wants you to quit claim so he can use it as collateral? You should probably get an attorney to take a look at the rules and regs in your area, but it sounds fishy to me.
2006-06-11 16:29:09 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Absolutely not!!!!! Once you sign it away you will have one Hell of a time getting it back. IF you ever do! Don't be an idiot....
2006-06-11 16:29:30 · answer #7 · answered by Randall F 2 · 0⤊ 0⤋
This may or may not help:
http://www.lifeofalawstudent.com/index.php?topic=property
2006-06-11 17:42:43 · answer #8 · answered by Anonymous · 0⤊ 0⤋