Refinancing and signing quit claim - HELP!

[lollicup321]

What is the name of your state? Florida

Hello. My ex (not married) and I split recently. We own a home together and everything is joint. We also have a home equity loan that is joint. He will be taking over the house including the mortgage and home equity loan. He is refinancing them both into his name only. I have to sign a quit claim deed to remove my name, before his refinance will close. The problem is that he owes me a sum of money from the equity that has been earned in the home while we lived there (4 years). He has been wishy-washy on telling me he would pay me, but I have a notarized document saying that he agrees to take the house and pay me what I am owed. I just received a call from his refinance company saying that I have to sign the quit claim deed tomorrow or his refinance will expire. I am concerned that I will sign over my legal stake in the property BEFORE the refinance is closed. Also, if I sign the quit claim then I have no leverage to get my equity money.

Help!!! Should I sign the quit claim? I do not believe that he will pay me just because he says so. All he does is lie to me over and over so I am trying to get everything in writing. I am scared I will be financially hurt by this whole thing! I do not have much contact with him and I have not lived in the house for almost a month.

Any advice would be great!!!
Thanks in advance!What is the name of your state?

[nextwife]

Originally Posted by lollicup321

What is the name of your state? Florida

Hello. My ex (not married) and I split recently. We own a home together and everything is joint. We also have a home equity loan that is joint. He will be taking over the house including the mortgage and home equity loan. He is refinancing them both into his name only. I have to sign a quit claim deed to remove my name, before his refinance will close. The problem is that he owes me a sum of money from the equity that has been earned in the home while we lived there (4 years). He has been wishy-washy on telling me he would pay me, but I have a notarized document saying that he agrees to take the house and pay me what I am owed. I just received a call from his refinance company saying that I have to sign the quit claim deed tomorrow or his refinance will expire. I am concerned that I will sign over my legal stake in the property BEFORE the refinance is closed. Also, if I sign the quit claim then I have no leverage to get my equity money.

Help!!! Should I sign the quit claim? I do not believe that he will pay me just because he says so. All he does is lie to me over and over so I am trying to get everything in writing. I am scared I will be financially hurt by this whole thing! I do not have much contact with him and I have not lived in the house for almost a month.

Any advice would be great!!!
Thanks in advance!What is the name of your state?

This can be arranged through the closing agent. The title company/closing agent who is disbursing can agree to hold the deed "in trust" based upon you/your attorney's closing instruction letter that requires release of the deed ONLY upon disbursement of the agreed funds. It's done all the time. Ex doesn't need to ever have personal possession of the deed.

[lollicup321]

Thank you for the reply!

The problem is that the refinance company that he is using will not process a refinance without the quit claim being signed and processed first. They are sending me the paperwork today and told me I have to sign and mail it today or the refinance will expire. When I spoke with them, they said that they wouldn't do a "in trust" document, since all of the paperwork will be processed around the same time (with the quit claim being processed first). I feel very pressured to sign, because they have given me no time to read over the documents (I don't even have possession of them yet). But I don't want to not sign and then get into a situation where he refuses to reapply for the refinance.

[FlyingRon]

Lolli, that is bullpoop.

No sane person would do what they are asking and no sane company would do it if the tables were turned. Offer to pay for the settlement.

[nextwife]

Originally Posted by lollicup321

Thank you for the reply!

The problem is that the refinance company that he is using will not process a refinance without the quit claim being signed and processed first. They are sending me the paperwork today and told me I have to sign and mail it today or the refinance will expire. When I spoke with them, they said that they wouldn't do a "in trust" document, since all of the paperwork will be processed around the same time (with the quit claim being processed first). I feel very pressured to sign, because they have given me no time to read over the documents (I don't even have possession of them yet). But I don't want to not sign and then get into a situation where he refuses to reapply for the refinance.

Agreed.

This is only a refinance as far as HIS interest is concerned.

As to YOUR interest, it is a PURCHASE and should be handled accordingly. No lender has the right to demand that a seller FIRST deed away their property! If they continue to insists that you must first deliver a deed to be paid for your interest, report the company to your state's consumer protection office. He is BUYING YOU OUT. That means his money in exchange for your deed. Your interest is being PURCHASED.