real estate quit claims

[lori_cd]

What is the name of your state (only U.S. law)?
Ohio what are laws regarding quit claims--my soon to be ex and i both have names on deed..neither of us live there..he wants sole possession..i would like compensated monetarily. What is the name of your state (only U.S. law)?

 

[HomeGuru]

What is the name of your state (only U.S. law)?
Ohio what are laws regarding quit claims--my soon to be ex and i both have names on deed..neither of us live there..he wants sole possession..i would like compensated monetarily. What is the name of your state (only U.S. law)?

**A: yes that is a start. Hire an attorney to draft the deed after a title search is completed. This is not a do it yourself kind of thing.

 

[FlyingRon]

All a quit claim does is transfer whatever ownership the grantor has in the property without any representation as to what that is.

None of what you're asking has anything to do with the method of deeding but how you're going to settle you divorce property settlement. Further, quit claims will change ownership but they will have NO effect on mortgage obligation. If you're both on the mortgage, you both remain liable for it until the mortgage is paid off/refinanced.

 

[lori_cd]

All a quit claim does is transfer whatever ownership the grantor has in the property without any representation as to what that is.

None of what you're asking has anything to do with the method of deeding but how you're going to settle you divorce property settlement. Further, quit claims will change ownership but they will have NO effect on mortgage obligation. If you're both on the mortgage, you both remain liable for it until the mortgage is paid off/refinanced.

i am not on the mortgage loan..he is..i would like something for giving up my half

 

[tranquility]

STOP RIGHT THERE!!!!!!

my soon to be ex and i both have names on deed

i am not on the mortgage loan..he is..i would like something for giving up my half

OP, sit down, slowly. Now, look around and see if anyone is looking. If there isn't anyone there, start giggling maniacally.

You are in a golden position. You are on title, but not on the loan. The ex is not going to get out of this unless you agree--or he sues for partition and gets it.

A partition lawsuit will be expensive and will result in a discounted sale price for the house. Because this will probably result in a loss on the loan and the fact neither live in the house, will/may result in income to ex for the cancellation of debt.

Your (the OP's) agreement is worth thousands of dollars above the value of the equity rights. Make sure ex is aware you know that during negotiations.

 

[nextwife]

What sort of equity remains after all debts of the property are settled, such as mortgage(s), prop taxes owed etc. You want compensation, but is there equity?

 

[lori_cd]

STOP RIGHT THERE!!!!!!





OP, sit down, slowly. Now, look around and see if anyone is looking. If there isn't anyone there, start giggling maniacally.

You are in a golden position. You are on title, but not on the loan. The ex is not going to get out of this unless you agree--or he sues for partition and gets it.

A partition lawsuit will be expensive and will result in a discounted sale price for the house. Because this will probably result in a loss on the loan and the fact neither live in the house, will/may result in income to ex for the cancellation of debt.

Your (the OP's) agreement is worth thousands of dollars above the value of the equity rights. Make sure ex is aware you know that during negotiations.

i understand the idea of partition costs ,somewhat..and he may need to take a loss on the house sale. what i need elaboration on is "income to ex for debt cancellation"..please..home was just purchased in Nov 2010..i was forced out ..due to my financial status

 

[nextwife]

If the house is likely upside down, there is no value for which to be compensated. Additionally, if a tax hit for forgiveness of debt occurs, HE is the one liable, as he has the debt responsibility.

 

[LdiJ]

i understand the idea of partition costs ,somewhat..and he may need to take a loss on the house sale. what i need elaboration on is "income to ex for debt cancellation"..please..home was just purchased in Nov 2010..i was forced out ..due to my financial status

Please keep in mind that a partition suit would only result in the selling of the home. It is clearly upside down at this point and therefore neither of you would end up with anything.

Cancellation of debt income refers to the fact that whenever a debt is cancelled (ie a foreclosure, short sale, or written off debts) any debt that the lender is unable to recoup becomes taxable income to the debtor. Since your husband is the only one on the mortgage, it all falls on him.

However, in the case of a mortgage for a principal residence, it can be excluded. In this case he bought the house in 11/10, neither of you are living in it now, so it may never have become his principal residence. How long did you and he live there and why are neither of you living there now?

How much money did the two of you put into the house, and where did that money come from?