Summary: My ex and me split up and owned a house together. We decided to quit claim deed the home and he would pay me X amount of $$. The banker was informed of our plan which included transfer of my ex's name onto the house, soley. Next month the check was ready and I signed the deed. I did not have an attorney.
The next week, I spoke to the banker and asked to sign the papers to get my name off the house. He said it was in the works and my ex was doing the paper work. I called often and after a month the banker left the business after many years of working there, unexpectly. I dealt with the top guy and he tried to get my ex to refiance the house and he won't. I can't get loans and I am fiancially responsible for a house loan w/out owning the house. Mistake, of course. The bank claims they can't help me. My ex won't refinance to get my name off the house. What is left for me to do? Did the banker who left make a mistake too? Help. Need solid answers.
2007-10-03 03:53:42 · 7 answers · asked by JW 2 in Business & Finance ➔ Renting & Real Estate
You're now stuck. You should NEVER have signed that quitclaim deed without it being part of the loan closing process on a re-fi in your ex's name.
The only way to get your name off the loan is for your ex to refinance the loan in his name alone. If he refuses to do that, you may need to go back to the court that granted your divorce and get the decree modified to order your ex to refinance the home. However that may be a shallow victory if your ex cannot qualify for a loan by himself.
No lender will ever release a co-borrower from a loan without a refi. It just does not happen.
As you've also discovered, going it alone without an attorney is a fool's mission. Tough lesson. Hope it works out for you in the end.
2007-10-03 04:22:49 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Many people have the same misconception as you have....by signing a quit claim deed the only thing you have done is given up your rights to the property......It does nothing more then that...... The mortgage is the document used to secure the note for the lender..... The lender doesnt have too and in most cases won't release you from the note... Therefore you will be still responsible to them for the loan.... No other way around it except getting the lender to remove you from the note or have your EX refinance......So you are in a Pickle have no ownership in the property ...yet are still liable for the note.....should have talked with a Real Esate professional before you did it.......
2007-10-03 04:31:09 · answer #2 · answered by joe a 1 · 1⤊ 0⤋
Vesting in the property, doesn't have anything to do with how you got the loan to begin with. Your name will stay on the loan until such time that the loan is re-financed or paid-off. This is something that you need to resolve between you and your husband. It has nothing to do with the bank. By splitting up, if you mean legal divorce, then you need to either hire an attorney or learn some do-it-yourself law to make the move legal and official. Without this, you will experience many other discrepancies.
Good Luck,
Barry
2007-10-03 04:06:37 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Always get an attorney, we may not like them but they are the best thing to have when you need one.
I'm no attorney by any means but you need to talk to one. I'd also check your Register of Deeds and make sure that Quit Claim deed was in fact filed. An Attorney would do that for you. When I went through the same thing, we signed 3 original copies, I kept one, she kept one and the attorney filed one. As far as that loan goes, if it is part of the divorce creed that he must refinance and he didn't, he is in violation. An attorney would have seen to it something like that was in there.
2007-10-03 04:11:05 · answer #4 · answered by Dude 5 · 0⤊ 0⤋
Yes, you made a mistake signing the quit claim without your ex refinancing. If he didn't refinance in his name only, you are still responsible for the mortgage even though you don't have any ownership in the house.
Not the answer you were hoping for, I know. About all you can do is hope that he makes all the payments as scheduled so you don't have to pay them.
2007-10-03 04:02:35 · answer #5 · answered by Judy 7 · 3⤊ 0⤋
I would get an attorney and have them advise you, from going thru my divorce the lawyer told me that my x would have to refinance to have my name removed. Because the bank doesnt care who signed the quit claim deed, they just want their money and you are both still responcible for that loan. If your divorce papers state he is to re-finance then you can take him back to court because he is not following the divorce creed you both signed. Good Luck !! :) :)
2007-10-03 04:03:35 · answer #6 · answered by Kristine C 1 · 1⤊ 0⤋
cease declare deed. you have techincally given up your rights, yet if you consider that he has not observed the divorce decree, that's form of a moot element. in the experience that your call is on the call to the domicile, you have rights. undertaking right that's in case you sign the cease declare, and then there's a foreclosures, etc, you nevertheless get screwed.
2016-10-20 21:50:49 · answer #7 · answered by ? 4 · 0⤊ 0⤋