My mother and step father have just had a very messy divorce and my mother has been granted the house, which at the moment is in my step fathers sole name.
The judge has made a ruling that the house must get transferred to my mother, but there is a mortgage outstanding, when the deeds get transferred will the mortgage automatically get put into her name?
Bit confused as I know the mortgage company will still need to have the interest in the property but after the hearing nobody mentioned the transfer of the mortgage??
Any thoughts would be gratefully recieved
2007-05-31 22:30:33 · 5 answers · asked by kerrysparkes1984 1 in Politics & Government ➔ Law & Ethics
Hi Kerry,
It all depends on the judgement. The conveyance of the property is straightforward, you have made clear that the house goes to your mother. Apart from that, you have given no information about any other award that the court has made or any conditions imposed by the court. It will be difficult to advise you as there are too many variables in this type of issue.
Sorry I can't be of more help.
2007-06-01 00:02:59 · answer #1 · answered by LYN W 5 · 0⤊ 0⤋
Somewhere, somehow, there's just gotta be wording in the divorce/economic settlement that says who pays for what (mortgage, credit card bills, etc.). That would spell out who get's stuck with the mortgage payments.
But for the moment, forget about the big "D" and just pretend the house was being sold or given to someone as a normal business transaction. If sold, then the old mortgage company would get paid off, and the buyer would either use his/her own cash or a NEW mortgage to pay for the house. OR...the house could be transferred, with cash to the seller, and the new owner taking over payments IF the old mortgage company will play along.
What the judge says about transferring the house, IN AND OF ITSELF, has nothing to do with who pays the mortgage company. But read the order closely...if the judge says "free and clear," that means mom gets it with no associated debt -no mortgage; and the step-dad would therefore need to pay off the mortgage.
If the judge just did not say -and there are no financial arrangements otherwise, then someone needs to go back to the judge.
You're right -it is a mess.
Try to stay cool. Been there -done that.
2007-05-31 22:40:00 · answer #2 · answered by JSGeare 6 · 0⤊ 0⤋
1
2016-05-15 18:51:00 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Your step father will execute a deed to your mother. The transaction will be under and subject to the payment of the mortgage unless your step father is directed to pay off the mortgage.
There are other variables involved. If the mortgage has a "due on sale" clause in it, the property may have to be refinanced. Also, if the mortgage company is willing to have your mother "assume" or take over the mortgage, they may want to do a credit check on her.
The attorney or solicitor handling the divorce will be able to provide more information. This kind of situation comes up all the time. I am sorry that I did not give a more complete answer, but I have limited facts. If I knew what was in the attorney's files, I would be able to help to a greater degree.
Your mother will have to rely on her attorney to guide her through this. I am sure he is experienced in these matters, but you mother may require some "hand holding" as she goes through the process.
2007-05-31 23:19:33 · answer #4 · answered by Mark 7 · 0⤊ 0⤋
when my sister got the house through divorce she had to continue paying the mortgage which was transferred into her name.
2007-05-31 22:40:36 · answer #5 · answered by Jackie M 7 · 0⤊ 0⤋