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#1
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| I am recently divorced and looking to sell my house and move sometime in the future. In the marital settlement agreement I was awarded the house with the following verbage (names changed to protect the innocent): ". . . EXWIFE transfers to EXHUSBAND as sole and separte property and EXWIFE is divested of all right, title, and interest in and to the following property: House. A house described by street address as 123 Somewhere Ave.; Nowheresville, Illinois, 12345 together with all prepaid insurance. The house has a lien agianst it payable to Bigmoney Funding Associates on loan number 123456. Escrow Funds. All escrow funds held by Bigmoney Funding Associates for payment of insurance and taxes, on the real proberty described above under paragraphs(s) 1. . ." The mortgage and title are in both my and my exwife's name. My question is do I need to do anything special now, i.e. retitle or some kind of power of attorney, so that when I go to sell the home I will not need any additional signatures from my exwife? Thank you very much for any guidance! |
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#2
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| If there was a transfer of title from her to you, ie. Quit Claim Deed, and the property is now only in your name, you do not need her to sign any closing documents. According to the divorce decree, she still has liability for the mortgage loan. How is she protected if you fail to make mortgage payments, make them late or do not sell in a reasonable amount of time? Her credit is at risk as well as her ability to borrow from a lender. |
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#3
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| What is a Quit Claim Deed? Can this be obtained now that the divorce is final? The exwife is protected by: "...Debts to be paid by EXHUSBAND: EXHUSBAND shall pay, as a part of the division of the estate of the parties, the following and indemnify and hold EXWIFE and EXWIFE's property harmless from any failure to so discharge these items: SECURED DEPTS HOUSE. One promissory note payable to the order of Bigmoney Funding Associated laon number 12345. with a ballance of $1. The note is secured by a lien against the house loacted at the street address...." Also she is protected by the fact that I want to protect my credit. |
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#4
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| Did either you or her have an attorney? The attorney should have advised you as to what to do. A Quit Claim Deed is a deed transferring interest in real property, in your case from her to you. And it can be done now as it is usually completed after the divorce is final. |
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