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Divorce/Separation Post Reply     Print Topic    
User Topic: Tranfer House Titles/Mortgages
iamsoblind42
♀ Member
Member # 42022
Default  Posted: 5:05 PM, January 22nd (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

Hello,

I own a couple of homes that were bought during my M. In our S agreement, I will keep one and he will take the other. Only my name is on the title of the one he will take and both are on the one I will keep. What is the best way to handle this? I have a great rate on my current home, only 3.25% which is no longer available. I do not want to have to refinance it. Thanks!

PS: sorry for the typo in the subject.

[This message edited by iamsoblind42 at 5:06 PM, January 22nd (Wednesday)]


I'm a survivor, I'm gonna make it, I will survive, keep on surviving...

BS: me 42
WH: 48
2 kids
Married 18 years
D-day - 1/11/14
Filed - 1/16/14
Divorced 4/21/14
Walked in on WH and BF while her H watched


Posts: 198 | Registered: Jan 2014 | From: Colorado
mandan66
♂ Member
Member # 40075
Default  Posted: 5:21 PM, January 22nd (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

Sorry----hate to be the bearer of bad news, but in most States, the only way to get the other persons name off the title is to refinance. The Quit Claim is not enough. Check with your lender though. But in my state (Kansas), that was the case. I went from a 3.5 to 4.25, which really only added about $45 a month to the mortgage.
Good luck!


Me: 47; WW: 48
2 DS: 9, 14
M:18--T:19
DDay: Jan/13
Divorced and Done!--7/13

Posts: 121 | Registered: Jul 2013 | From: KS
iamsoblind42
♀ Member
Member # 42022
Default  Posted: 7:39 PM, January 22nd (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

That sucks and a law that really should be looked at.


I'm a survivor, I'm gonna make it, I will survive, keep on surviving...

BS: me 42
WH: 48
2 kids
Married 18 years
D-day - 1/11/14
Filed - 1/16/14
Divorced 4/21/14
Walked in on WH and BF while her H watched


Posts: 198 | Registered: Jan 2014 | From: Colorado
sparklezombie
♀ Member
Member # 40095
Default  Posted: 12:37 PM, January 23rd (Thursday), 2014View ProfileEdit MessagePrivate MessageHomepage

I'm a lawyer and while I have to give you the caveat that I can't give legal advice on this forum, here's my take.

Typically, a quit claim deed (or general warranty deed) will remove someone's name from the title. You can do that anytime and just contact a real estate atty to get it done. It's not generally expensive.

To remove someone from the mortgage, you need to refinance or assume the mortgage. WH is in the process of assuming the mortgage for our primary residence. I will be looking into refinancing our two rental properties. However, we have already signed the deeds to transfer actual ownership to the person that is keeping the properties.

We have a great rate on our primary residence which is why WH is looking to assume the mortgage instead of refinance. I would look into that. It's not usually that difficult as long as your income and credit are good enough to qualify (which you would need anyway to refi).

Message me if you want to chat more about it.


BS: Me
WH: Husband
Married 11.5 years
2.5 false R's.
Status: Divorcing.
You can't pick up a turd by the clean end. Time to flush the toilet.

Posts: 222 | Registered: Jul 2013 | From: Somewhere on the Eastern Seaboard
Phoenix1
♀ Member
Member # 38928
Default  Posted: 12:54 PM, January 23rd (Thursday), 2014View ProfileEdit MessagePrivate MessageHomepage

I was awarded the marital home and all equity, but the house and mortgage were in both names. XPOS signed a Quit Claim and the title transferred easily into my name alone (we did it ourselves). I can't get his name off the mortgage unless I refinance, which means I will lose the low interest rate I currently have. I checked into this BEFORE I prepared our settlement documents and made sure that I put a clause in it that said the mortgage shall remain in both names until such a time as I am able to refinance (XPOS ruined my credit) with the same or better interest rate in my name alone. There is no time limit either so I am in no hurry to make that happen. I continue to pay the mortgage 100%. XPOS signed and the judge approved it so it is all good!


BS - Me
XPOS - too many OW/OCs, started 1994? - never stopped
Kids - 22, 20, 17
M Dissolved 2013!!!

This above all: to thine own self be true, and it must follow, as the night the day, thou canst not then be false to any man, ~ Shakespeare


Posts: 828 | Registered: Apr 2013 | From: Rising out of Hell's ashes!
Dreamboat
♀ Member
Member # 10506
Default  Posted: 1:35 PM, January 23rd (Thursday), 2014View ProfileEdit MessagePrivate MessageHomepage

I was awarded the marital home and all equity, but the house and mortgage were in both names. XPOS signed a Quit Claim and the title transferred easily into my name alone (we did it ourselves). I can't get his name off the mortgage unless I refinance

This is the case for me also. This worked for me because *I* was not dependent upon X to make any payments so I did not have to worry about him defaulting and the mortgage company coming after me. This would be a worry for him except I actually pay my bills (unlike him...)

In my state, the mortgage and the deed are not tied together. I could have refi at the time of the D, the mortgage rates were the same as ours was, so I did not want to pay the lender to refi. I recently looked into refi at a lower rate but since I plan to sell in a couple of years the money I would have to pay up front would not have made it worth it.


And it's hard to dance with a devil on your back
So shake him off
-- Shake It Out, Florence And The Machine

Posts: 17288 | Registered: Apr 2006 | From: A better place :)
Topic Posts: 6

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