Getting out of an impossible situation...

[sundazed18]

What is the name of your state (only U.S. law)? Texas

In 2004, my boyfriend bought a home with his "at the time" fiance. It's been in the back of his mind and not a concern until after we got done paying my attorney off for a long custody battle. So here it is 2008, and just a few weeks ago, we recieved a letter from this woman, along with a " Quickclaim Deed" and ten dollars. She told him in her letter that she wanted to sell the house and in order to do that, she needed him to sign this deed.

I'm by no means a stupid woman and I told him that if he signed this deed, he would have no legal rights to the house, therefore could not take her to court to make her sell. But that he would still be responsible for the mortgage on that house. She has been late many times on the payments to their loan. She is calling and harrassing our home. This is getting very old.

My questions are.

1. What does he need to do to get off this mortgage? He is the main signer, because she really didn't have good credit. Which I'm thinking that she might not be able to refinance a new mortgage on this home.

2. Is there a time limit on when he could take her to court to force a sell or make her buy him out if she can't refinance?

3. What happens if she can't refinace ?

4. If he wants to sign that Deed...in your opinion..what would that do to his chances and how would that effect his credit and the option to one day buy a home for our family?

5. When quickclaims are done. Are they usually typed up by an attorney? This one was not, it looks like something she just printed out from somewhere.

6. Can she take him to court if he doesn't sign this deed? Which she is threatening.


Thank you so much for your time in responding in advance.What is the name of your state (only U.S. law)?

 

[farmgirl_48732]

Imho

I do not know Texas law but here is my 2 cents worth. I would NOT sign a quit claim deed. He would be responsible for the debt (here in Michigan anyway) She can't even put the home up for sale without his signature.

I co-signed for a loan with a former employee ONCE, (and no I will never do that again.) Everytime she was late I received a notice, and yes it did appear on my credit report. Many times they wanted to hold me responsible for the loan. I told them to get her out and I would pay the loan. They told me that it didn't work that way. THEY would sell the property, and at what price they could get, and I would be responsible for the rest.

If she wants to sell it, I would tell her OK, let's talk to a real estate agent.

 

[nextwife]

He should not sign a quit claim. She can sell, and he'll cooperate in the sale. This will eventually get him off the mortgage, because it will be paid off. He should sign nothing until closing.

 

[FlyingRon]

The two of them should go to the best real estate agent (REFERENCES REFERENCES) they an find in the area. To sell the house will require cooperation between the two as they will both need to sign any purchase contract made.

No quit claim, just the normal closing paperwork once signed.

If she wants to refinance on her own, he can quit claim persuant to the closing on the refinance.