divorce and house

[azdiane165]

What is the name of your state?arizona


my husband and i have agreed on everything but the buy out of our house. i'm asking him to pay me 40,000. but since he is self-employed, he says he cant afford to pay me now, and i dont want him to have to sell it, so i've agreed to sign a agreement to take my name off the deed, but put me as a lien holder and pay me in one year. the problem is i can't find any forms to do this. is this a possiblity or do i absolutely have to see an attorney??

[nextwife]

What about having him do a cash out refinance, and you quit claiming at the closing in exchange for your check? That waY he doesn't need to actually have $40,000 in cash to buy you out. He'll get it from the refi.

[LdiJ]

Originally Posted by azdiane165

What is the name of your state?arizona


my husband and i have agreed on everything but the buy out of our house. i'm asking him to pay me 40,000. but since he is self-employed, he says he cant afford to pay me now, and i dont want him to have to sell it, so i've agreed to sign a agreement to take my name off the deed, but put me as a lien holder and pay me in one year. the problem is i can't find any forms to do this. is this a possiblity or do i absolutely have to see an attorney??

I think that Nextwife's advice is the best...however, I will add that you should not sign a quit claim deed before you are paid, no matter which way you go.

[freetob]

I would contact the recorders office in your county for information on the lien . Also the clerks office at the court house for a quit claim deed form. I would make sure that the lien is all legal and in writing in regard to the amount of this lien and also the purpose of the lien.

[LdiJ]

A lien is all good and well....but unless the house is sold (to allow her to collect on the lien) he could stall paying her for a very long time. However if she doesn't sign the quit claim deed until she gets paid....then she retains leverage to ensure that she gets paid in a timely fashion.

[nextwife]

Originally Posted by LdiJ

I think that Nextwife's advice is the best...however, I will add that you should not sign a quit claim deed before you are paid, no matter which way you go.

I can tell you it is logistically impossible to actually DISBURSE refi out funds to the parties PRIOR to the deed being executed. If she is still legally "in title", then the refinance cannot occur, as she would be required to "join in" on any mortgage against the property. So for him to refi her off, there would need to BE a deed in order to complete the refinance that would buy out her interest. But that is no different than the way a purchase money mortgage is closed. Deed can be held by the title company UNTIL disbursement.

Generally, what I see is the party deeding out ATTENDS the refi closing and signs the deed at closing based upon a HUD showing a disbursement to them for the payout amount.

[LdiJ]

Originally Posted by nextwife

I can tell you it is logistically impossible to actually DISBURSE refi out funds to the parties PRIOR to the deed being executed. If she is still legally "in title", then the refinance cannot occur, as she would be required to "join in" on any mortgage against the property. So for him to refi her off, there would need to BE a deed in order to complete the refinance that would buy out her interest. But that is no different than the way a purchase money mortgage is closed. Deed can be held by the title company UNTIL disbursement.

Generally, what I see is the party deeding out ATTENDS the refi closing and signs the deed at closing based upon a HUD showing a disbursement to them for the payout amount.

You are correct...it should all take place at closing. I was being too "simplistic".