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T

Tashana

Guest
Situation is this:
Pete and Jane, divorced,the divorce states that "Pete,is awarded,home #1,he is the sole owner and has a quick claim deed,Petes home is entirely in his Name." Jane is awarded home #2,A quick claim deed has been done,Divorce states she is the sole owner of that home."
Problem is,Pete's home is rented out, Pete has purchased another home,Pete applies for a loan and is refused because he has three morgages, " EX-Wife--Jane will not take his name off the house that she was awarded,so Petes name is also on the Loan.Janes says she does not want to PAY to have his named removed, and that if he wants it done he has to pay. Pete, Calls to pay to have this done but is told that he would still be held accountable if Jane Defaults and It would also show on credit report.So Pete says, why fight it.If he pays to take his name off, it still shows he shares responsibility>?
Even though there is a quick claim deed, my questions would be..
Question is : ":1) If the divorce states Jane is sole owner, But nothing has been done to take Petes name off loan or house,can PETE put a lien on the house? Borrow against it?

2) If this Janes house is being rented out, can Pete collect part of the rent?

*The divorce states they share the expense of changing the name,off house, His half was paid,When He paid for the divorce,and Jane agreed verbally to pay to take full responsibility of home that she was awarded. And pay the fees, as he paid for the divorce. through a verbal agreement........

Hope you can understand this...
 


L

lawrat

Guest
I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

verbal promises made at the same time as a court order don't carry weight if they contradict the court order.

If your name is on the house, and you are not joint tenants, then you may do whatever you want.BUt remember this, the court order DOES say who owns what. Quit claim deed is nothing like a normal deed because it does not carry warranties and assurances of title, etc.
 

HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Tashana:
Situation is this:
Pete and Jane, divorced,the divorce states that "Pete,is awarded,home #1,he is the sole owner and has a quick claim deed,Petes home is entirely in his Name." Jane is awarded home #2,A quick claim deed has been done,Divorce states she is the sole owner of that home."
Problem is,Pete's home is rented out, Pete has purchased another home,Pete applies for a loan and is refused because he has three morgages, " EX-Wife--Jane will not take his name off the house that she was awarded,so Petes name is also on the Loan.Janes says she does not want to PAY to have his named removed, and that if he wants it done he has to pay. Pete, Calls to pay to have this done but is told that he would still be held accountable if Jane Defaults and It would also show on credit report.So Pete says, why fight it.If he pays to take his name off, it still shows he shares responsibility&gt;?
Even though there is a quick claim deed, my questions would be..
Question is : ":1) If the divorce states Jane is sole owner, But nothing has been done to take Petes name off loan or house,can PETE put a lien on the house? Borrow against it?

2) If this Janes house is being rented out, can Pete collect part of the rent?

*The divorce states they share the expense of changing the name,off house, His half was paid,When He paid for the divorce,and Jane agreed verbally to pay to take full responsibility of home that she was awarded. And pay the fees, as he paid for the divorce. through a verbal agreement........

Hope you can understand this...
<HR></BLOCKQUOTE>

For Pete's sake what a mess.
Pete cannot collect any part of the rent on Jane's house or use it as collateral. The divorce decree should have spelled out clearly that the party that has ownership for each respective property has full responsibility for all expenses and liability. Therefore the mortgage on the property owned by Jane should have been refinanced, such that Pete's name was taken off and is no longer on the mortgage. That way his credit would be free of this loan and his borrowing power
greater.

Do not confuse a property transfer via Quit Claim Deed to a Release of Mortgage. In a Quit Claim Deed transfer, the property is transferred subject to the mortgage. This means that although the ownership is different, the underlying first mortgage remains intact and unchanged. The Deed transfers ownership and does not release the mortgagors liability from the mortgage. So the bottom line is that Pete remains on the mortgage until Jane calls Tarzan to get him off. Did you change their names to protect the guilty? Pete is really Adam and Jane is really Eve, right? Garden of Eden, Adam with one less rib, bite of the apple, snake in the grass/tree.....
 

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