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)]
BS: me 42
Married 18 years
D-day - 1/11/14
Filed - 1/16/14
Walked in on WH and BF while her H watched
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.
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, Hamlet
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.