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Deed vs. Mortgage

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denduke

Junior Member
What is the name of your state? California

My stepdaughter (age 23) and my wife are at odds over a condo. My wife bought the condo a year and a half ago for the daughter to live in while she was going to school (rent and utilities free)!
Now the duaghter has a job and wants to sell the condo and buy another nicer one. Seems my wife put the daughter on the deed last year but she is not on the mortagage. There was an agreement signed that stated that if the property was sold, my wife would get her downpayment back plus any fix up costs she put in and half of the appreciation while the daughter would get the other half of the appreciation amount. But the daughter has the paperwork and will not give us a copy. Now the daughter is basically holding us hostage saying that unless we get her the condo she wants, in the price range she wants, that she won't sign anything to sell the present condo. AND she states that since she is on the deed she is entitled to HALF the amount of the condo. So basically she is saying that if we don't get a new, more expensive condo that fits her needs that she will take half the sales price (say it sells for $300,000, she wants $150k). We are saying that first we pay off the exisiting mortgage then we take our down payment and fix up costs and half of what's left and she gets the other half. She says she is entitled to $150k and my wife and I are responsible for the mortgage.
I also add that she just finished Para Legal school and thinks she knows all there is to know about RE Law.
Can she do this? It sounds too absurd to be true! Any help anyone can give would be appreciated. If this doesn't make sense, let me know and I can elaborate further.
Thanks...
 


1st_time_buyer

Junior Member
Deed V. Mortgage

I have the similar situation regarding deed and mortgage. Me and my boyfriend (ex) boyfriend...bought a house. I am on the mortgage and I am responsible for paying it of of course. BUT both our names are on the deed...We broke up and few months later I realized that I can not afford pay $1500 for the mortgage myself. So I decided to seel the house. And guess what...I can not neither sell, nor refinance without him. If I sell the house, he is entitled to 50% of the selling price...but I am still responsible for the entire mortgage.

Here is the answer I got back when asking this question to my mortgage
broker:

If a person is on the deed/title of the property they do have ownership in
the property and would need to be involved in the sale or refinance of the
home regardless if they are on the mortgage or not. A person can easily be
removed from title if all parties are willing.

Usually the only reason a person wouldn't be on a mortgage but on title
would be for credit purposes, mortgage qualification purposes or internal
family reasons.

So, my strong advice to you would be - find a good lawyer! Apparently deed is much more profitable to be at, than the mortgage.

Thank you.
 

BelizeBreeze

Senior Member
denduke said:
What is the name of your state? California

My stepdaughter (age 23) and my wife are at odds over a condo. My wife bought the condo a year and a half ago for the daughter to live in while she was going to school (rent and utilities free)!
Now the duaghter has a job and wants to sell the condo and buy another nicer one. Seems my wife put the daughter on the deed last year but she is not on the mortagage. There was an agreement signed that stated that if the property was sold, my wife would get her downpayment back plus any fix up costs she put in and half of the appreciation while the daughter would get the other half of the appreciation amount. But the daughter has the paperwork and will not give us a copy. Now the daughter is basically holding us hostage saying that unless we get her the condo she wants, in the price range she wants, that she won't sign anything to sell the present condo. AND she states that since she is on the deed she is entitled to HALF the amount of the condo. So basically she is saying that if we don't get a new, more expensive condo that fits her needs that she will take half the sales price (say it sells for $300,000, she wants $150k).
You sure raised a winner. Please NEVER encourage her to marry or have children. There are enough greedy little pukes in the world.
We are saying that first we pay off the exisiting mortgage then we take our down payment and fix up costs and half of what's left and she gets the other half. She says she is entitled to $150k and my wife and I are responsible for the mortgage.
She is technically correct.
I also add that she just finished Para Legal school and thinks she knows all there is to know about RE Law.
Then she's up for a little fun isn't she?
Can she do this? It sounds too absurd to be true! Any help anyone can give would be appreciated. If this doesn't make sense, let me know and I can elaborate further.
Thanks...
WEll maybe this next time you'll learn to keep your pen in your pocket. Technically, yes, she owns 1/2 of the home and you own 100% of the debt.

HOWEVER, little miss prissy ass is about to get a lesson in real life. You and your wife go down to your attorney's office and get a referral for a good real estate attorney.

Then you sue her ass for Partition with costs taxed to the defendant.

When she's done pissing and moaning you can tell her the door is always open, FOR A PRICE!
No, since you've made it this far, come back and tell us HOW EXACTLY the names are listed on the deed.
 

denduke

Junior Member
Deed vs. Mortgage - Part 2

LOL .. thanks for the reply! You are right on! Unfortunately I just married into this drama 2 months ago. I knew she was a "handful" but I didn't know how much she hates her Mom even though my wife has bent over backward to help her. But she's is also lucky that I didn't raise her because things would be different... now I'm just a flabbergasted by-stander!
Anyway, that sucks about her getting half the condo. I am tempted NOT to sell it and let her move out on her own if she feels she HAS to leave. Reality will set in then for sure! But even with all the crap, Mom is still trying to help her, so we'll see what happens. Maybe she'll cooperate once she realizes that she is treading on thin ice.
I know that my wife bought the place over a year ago and put Miss Priss on it via a Quit Claim last fall sometime. I haven't seen the deed myself but I guess putting her on it entitles her to half right? Nuts!
Thanks again... this will be interesting. :mad:
 

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