Lose my Home?

[2ndDivorce]

What is the name of your state? MO I've owned and lived in my home for 30 yrs. The last 10 yrs with my 2nd husband. At the time of this 2nd marriage, I had a $42K loan balance ($465/mo PITI; 9+ yrs left). Within these past 10 yrs, we've had to refinance 3 times for debt consolidation ($110K balance; $1032/mo PITI; 26 yrs). My husband only wanted to work PT and not do much maintenance on our home. Last Nov, 2007 we had to take out a home equity note for $15K for termite damage repairs and updates. He moved out April, 2008. We don't have money for attorneys so I've been completing the Dissolution of Marriage docs, etc. I found on our St. Louis County government website. He wants me prior to the filing and divorce to give him a quit claim deed on BOTH home notes so he can get his car loan ($14,500) in just his name. He's been denied several times already. I don't want to lose my home to this loser. If I release him, will I get to keep my home? Will the Court make him pay any of the debt incurred during our marriage? He really doesn't make enough to pay for any of this debt unless they can take part of his military pension. I can manage the debts on my own as long as I have a job. But I just think it's so unfair for him to get to walk away scott free! My car is paid for; only $200 in credit card debts; no medical bills. Also no life insurance (was cashed in to pay bills); retirement only through my employers. Please advise.What is the name of your state?

 

[Ozark_Sophist]

If both your names on the mortgage notes, you will need to refinance the loans in your name only to get his name off. This is not a good idea at this point.

Is his name on the property deed at this point? Do not do a quit claim deed (normally used to give up your interest in the property).

 

[mistoffolees]

What is the name of your state? MO I've owned and lived in my home for 30 yrs. The last 10 yrs with my 2nd husband. At the time of this 2nd marriage, I had a $42K loan balance ($465/mo PITI; 9+ yrs left). Within these past 10 yrs, we've had to refinance 3 times for debt consolidation ($110K balance; $1032/mo PITI; 26 yrs). My husband only wanted to work PT and not do much maintenance on our home. Last Nov, 2007 we had to take out a home equity note for $15K for termite damage repairs and updates. He moved out April, 2008. We don't have money for attorneys so I've been completing the Dissolution of Marriage docs, etc. I found on our St. Louis County government website. He wants me prior to the filing and divorce to give him a quit claim deed on BOTH home notes so he can get his car loan ($14,500) in just his name. He's been denied several times already. I don't want to lose my home to this loser. If I release him, will I get to keep my home? Will the Court make him pay any of the debt incurred during our marriage? He really doesn't make enough to pay for any of this debt unless they can take part of his military pension. I can manage the debts on my own as long as I have a job. But I just think it's so unfair for him to get to walk away scott free! My car is paid for; only $200 in credit card debts; no medical bills. Also no life insurance (was cashed in to pay bills); retirement only through my employers. Please advise.What is the name of your state?

Don't do anything now. Don't sign a quit claim. Don't refinance. Don't run up any debts. Don't cancel insurance.

Get the divorce filed and the property separated before doing anything. THEN get his name off the deed, etc, as ordered by the judge.

And, yes, military pension may be an issue. That's just one example of how you can't afford not to have an attorney.

 

[Ohiogal]

If you give him a quit claim deed, YOU are relinguishing ALL ownership in the homes. He needs to give you a quit claim deed on both homes so that he relinguishes ownership. Then you would need to refinance in JUST your name.

 

[2ndDivorce]

What are my chances of keeping the house?

I understand about not signing any quit claim deeds. As is, with so much debt vs the appraised value of the home, do you think the court will let me keep my home and split the debt since I've lived there 2/3 of the years? Or do you think the court will make me sell the home and split everything out?

 

[mistoffolees]

I understand about not signing any quit claim deeds. As is, with so much debt vs the appraised value of the home, do you think the court will let me keep my home and split the debt since I've lived there 2/3 of the years? Or do you think the court will make me sell the home and split everything out?

You can't have your cake and eat it, too. Keeping the house and still making the other person pay for it wouldn't be particularly fair.

If you keep the house, you're going to keep the debt. You will have to reimburse your stbx for their share of the accrued equity and possibly refinance to get his/her name off the mortgage.

If you sell the house, you pay off the debt and then split what's left (the split will depend on the circumstances).