Dealing With Title and Mortgage After Divorce
REM #F719
By Ilyce R. Glink
Summary: A reader writes that after her divorce, she is unable to refinance her house due to her husband's bankruptcy. Ilyce explains that she must first get the financing in her name before her ex-husband will quit claim the title.
Q: A year before my divorce, my ex-spouse almost defaulted on several debts.
We went into personal bankruptcy to save the house we owned.
I got the house in the divorce, and have been paying the mortgage ever since. However, due to the bankruptcy on record I couldn't get a new loan to transfer it to my name.
How can I ensure that my adult children will get this property if I die, or that he doesn't get the deed when I pay it off? Is my divorce decree enough? Is there a statute of limitations on the decree?
A: Is your ex-spouse still on the title the property? If so, then he should
deliver to you a quit claim deed, relinquishing all ownership right to the property
to you.
But don't be surprised if he refuses to do this until the time at which you're
able to refinance. He may balk at the idea of giving up ownership while he is
still on the mortgage and has a financial interest in the property.
Once you are able to refinance (and you may be able to do it sooner than you
think), you can have him execute the quit claim deed at your closing on the
mortgage. These things can happen simultaneously.
If he has already transferred title to you, as required by your divorce decree,
then you do not need to worry about him gaining access to the equity in the
property.
A real estate attorney can guide your further.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
Refinance Home When Using Quit Claim Deed
Ex-Husband Signs Quitclaim Deed
Divorce Leads To Property Dispute
Refinancing A Home When It Is For Sale
Dividing Property After A Divorce
Link to This Article
Like what you've read? Spread the word! You can link to this article
from your website by copying the following code and adding it to
a page on your website:
Copyright ©2001-2007. ThinkGlink, Inc.
All rights reserved. Reproduction of material from any www.ThinkGlink.com pages without permission is strictly prohibited.
Site designed by Walker Sands Communications
