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intexas Offline OP
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HI everyone.

WH called today and has decided he is movign back into the house that we have for sale. (This is the house that we bought last May and have never lived in ). It has been for sale since January. ANd there have been no takers.

He is proposing writing me a check for what would be my share of the profits if it were to sell at what we are asking for, and then keeping the house and he and other woman would live there once they are married. <img src="/ubbt/images/graemlins/eek.gif" alt="" />

How does he do this is my question? Does he have to refinance?
I want to make sure my name is off of the mortage 100%.

Anyone know? ?????

I have called the attorney, but I really didn't feel like she helped me. Her assistant talked to me, and I don't think she knew what she was saying.

WH says it's something called a quit (or quick) claim deed. I just don't want to get screwed over here.

Would appreciate any help. My head is spinning from all of this.

The benefit of this for me........no more half of a house payment I have never lived in.


BW-me, 29
XH, 29
3 sons-now 6,4,2
Divorce final--Sept. 27, 2006.


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Does he have to refinance?
I want to make sure my name is off of the mortage 100%.
Normally, yes - the two of you have to "sell" it to just him. - unless there's something funky in Texas in this regard.

So, this can be done, I believe, and you get to decide what your price is. How bad does he want it? Sometimes the fog has its advantages.

disclaimer: I am not a real estate geek nor an attorney, but I've bought and sold quite a few homes in my life. See a real estate attorney for real advice. Bypass the real estate geeks.

JMHO

WAT

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I'll preface this by saying I am not licensed in TX...now, for the rest of the story.

Unless you are operating under a really generous mortgage company, he'll have to refinance in order to remove your name from the mortgage in order for you not to be liable to the mortgage company. Once the refinance is in place and he is ready to close on it (sign papers, get the money...), you'll sign a quitclaim deed, deeding your interest to him and the closing agent will hold the deed in escrow pending the 3 day right of recission on residential property. Once the 3 days has passed and he hasn't rescinded, then you'll get the money, the deed will be recorded, and the property will be his.

The part of this that I DON'T know is whether, by virtue of you still being married to him at the time he does this (I am assuming you are not divorced as I have not read your story), is if TX grants you a marital interest even though you've deeded it to him.

That part of the equation will have to be answered by a Texas attorney. But that part of the equation usually would not have a "negative" effect on you -- unless it affects a property equalization award somehow...but then again, I don't know your whole story, so it's advisable to see an attorney in TX to get the full brunt of your decision.

FWIW...


diamondsj

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intexas Offline OP
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thanks wat. I have been googling quit claim deeds, and this is what it said:

Please understand that this device conveys ownership rights only and will NOT end an obligation to re-pay a loan.

Just what I thought.

But his credit I am sure is horrible right now, so I don't think he will be able to refinance on his own without her helping him, and I think she won't do so.

I'm gonna call lawyer back and ask for an appt. But not till after I tell him this info.

I just don't want to be left with my name on anything.

I am READY for this drama to be over.


BW-me, 29
XH, 29
3 sons-now 6,4,2
Divorce final--Sept. 27, 2006.


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I agree with diamond - and I am not licensed in any state. But have bought and sold lots of homes. A quit claim deed will remove you from the title on the home, but not from liability for the mortgage you signed.

If WH and OW move in and trash the place, or don't pay, the mortgage company could come after you, if they can't get their money back.

WH needs to refinance, or get approved transfer from the mortgage company.

But what a bunch of CR*P. Isn't the OW happy just stealing your husband? Now she needs your dream home too?

I almost hope these two DO get married, so the whole thing blows up in their face.

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intexas

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How does he do this is my question? Does he have to refinance?
I want to make sure my name is off of the mortage 100%.

You might want to check with your lender to be 100% positive, but assuming you two did a relatively traditional mortgage, your H will absolutely have to refinance the house.

Quote
WH says it's something called a quit (or quick) claim deed. I just don't want to get screwed over here.

A quit claim deed basically transfers any interest or property rights you have in the home to your H. It will not release you from any obilgation from your mortgage, get you off the mortgage, cause the mortgage to stop being reported on your credit report, protect you from collection if the mortgage goes into default, stop the foreclosure of the property (regardless of who lives there) in the event of default, etc.

BE CAREFUL.

Make your H go through a reputable escrow company that will ensure that his new mortgage will pay off your existing mortgage before you sign anything related to that property. In essence, what you want to do is 'sell' your house to your H. You can save a few steps... since this is a largely internal transaction, but if it were me, I'd want an escrow company handling the transaction to ensure the old mortgage is paid by the new one. And, if he doesn't have a new mortgage in hand.. there's no way I'd sign that paper giving away all my rights to the house.

And, when the deal is done, send a letter to your old mortgage company requesting the original loan documents (stamped 'paid in full') within thirty days of payment. Keep that in case there are ever any questions (that's always a good idea regardless).

Hope this helps -- be very careful here. If he's not talking a brand new mortgage without your name on it, he might be trying to pull a fast one on you.

Mys

*I'm not a real estate agent or lawyer.. but been around property business in other states a bit.

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when this gets all straightened out and you have no more legal ties to the home ... as you are moving out

go pee on the carpet

Pep

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intexas Offline OP
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thanks diamondsj.

He just called me again is so darn persistent.

here's the deal.

He has been living rent free at a friend's garage appt.
OW has been living there on and off.
OW has her own place already.

He has to be out of friend's place by may 30.

HE can't afford a rent payment because of the mortgage on the house, so he wants to buy the house suddenly.

Either way, he says he is moving in in two weeks, since he has no other place to go, and isnce he and OW are gonna do it right from here on out and not live together till they are married (blah, blah, blah).

My problems are many with this, aside from the fact that all this speal he is spouting off has nothing to do with the real issue of my name still being on the mortgage.

I am also bothered that if I refuse this deal (and it is looking that way unless he is willing to refinance) he will move into the beautifully clean house that is empty and ready to sell and mess it up and clutter it all up.

urrrr.....urrrrrrr.....urrrrrrr..........


BW-me, 29
XH, 29
3 sons-now 6,4,2
Divorce final--Sept. 27, 2006.


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when this gets all straightened out and you have no more legal ties to the home ... as you are moving out

go pee on the carpet

I LOVE YOU!!!!!!


BW-me, 29
XH, 29
3 sons-now 6,4,2
Divorce final--Sept. 27, 2006.


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intexas Offline OP
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thanks so much to all of you for the advice.

I love this place. I am sure as much as you all do.

And I know he's trying to pull a fast one.

But it doesn't work on me. I think I have surprised this man greatly.


BW-me, 29
XH, 29
3 sons-now 6,4,2
Divorce final--Sept. 27, 2006.


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Quote
HE can't afford a rent payment because of the mortgage on the house, so he wants to buy the house suddenly.

Either way, he says he is moving in in two weeks, since he has no other place to go, and isnce he and OW are gonna do it right from here on out and not live together till they are married (blah, blah, blah).

Yikes! I'm not that familiar with your story -- how far along in the divorce process are you? Is there an agreement to sell the house (formal, in writing) or do you think he might pull it off the market? I have no doubt if/when you two finalize your divorce you can force the sale of the property to get your name off the mortgage (either selling to him if he qualifies or to someone else if not) but until then, I'm not sure you can force the sale or prevent him from living there.

Do you have anything about the sale/mortgage in a seperation agreement?

Mys

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Or you could do this - (saw this on MB awhile ago)

After 17 years of marriage, a man dumped his wife for a younger woman.
He wanted to continue living in their downtown luxury apartment with
his new lover so he asked his wife to move out and get another place.
His wife agreed to this, provided that he would give her 3 days alone
at the apartment to pack up her things. She spent the first day packing
her belongings into boxes, crates and suitcases. On the second day, she
had the movers come and collect her things. On the third day, she sat
down for the last time at their beautiful dining table by candlelight,
put on some soft background music, and feasted on a pound of shrimp and
a bottle of Chardonnay. When she had finished, she went into each room
and deposited a few of the half-eaten shrimp shells into the hollow of
the curtain rods.
She then cleaned up the kitchen and left.
When the husband returned with his new girlfriend, all was bliss for
the first few days. Then slowly the apartment began to smell. They
tried everything; cleaning mopping and airing the place out. Vents
were checked for dead rodents, carpets were steam cleaned. Air
fresheners were hung everywhere.
Exterminators were brought in to set off gas canisters, during which
they had to move out for a few days, and in the end they even paid to
replace the expensive carpet.
Finally, they could not take it any longer and decided to move. They
could not find a buyer for their stinky apartment so they had to borrow
a huge sum of money from the bank to purchase a new place. The moving
company arrived and did a very professional packing job, taking
everything to their new home . . .
. . .including the curtain rods!

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intexas Offline OP
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okay believer, that cracks me up.
But the house is empty--never lived in by us. We purchased it last May, but since my surrent jpb provides housing, we decided to stay put here and save a little extra before moving in when the baby is born.

Well, all that went amuck when he left for OW. SO now, we have this house that we spent all summer fixing up that is sitting empty. (He did live there right after he left for two months, but then moved to the town he teaches in).

And I should point out that we are not wealthy. I mean, we're 26 and 27, both have decent jobs, (teaching for him, management but soon-to-be teaching for me), but in no way can afford this mortgage seperately.


BW-me, 29
XH, 29
3 sons-now 6,4,2
Divorce final--Sept. 27, 2006.


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intexas Offline OP
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myschae--

the divorce papers say that upon the sale of the house, we will spit the profits 50/50. They do include the house as being for sale in the papers.
I guess that is good.

I just don't know what to do about him moving in now and making a mess of it.

And if he is living there, will I still have to pay half of the mortgage until it sells?


Not to mention the obvious--i loved this house and spent all summer (while pregnant) painting and everything. The boys were so excited about the yard. And SHE will live there. It's all YUCK!


BW-me, 29
XH, 29
3 sons-now 6,4,2
Divorce final--Sept. 27, 2006.


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I concur with those above.

Additional concern: If the property was listed with a real estate company then they may want their commission on ANY transfer of the property. They may not care that the house really wasn't sold just tranferred between the two of you. If the listing agreement is set to expire shortly just avoid any trouble by dating the PURCHASE AGREEMENT you both should sign documenting the deal AFTER such listing agreement is over. If it's not set to expire soon, make sure the purchase agreement says "BUYER pays broker fees, if any".

The deal sounds very beneficial to you if it can get done. You get 1/2 the equity in the house AT the listing price versus what you may sell for to a third party. You also hopefully avoid paying 1/2 the Real Estate Sales Commission. *Afterthought - you may avoid state, county, city real estate transfer taxes as well if you do this while still married.

Finally, if WH can't get refinancing and really wants to do this still. Considering carefully the advantages above you may consider doing a Land Contract with him. If the downstroke (meaning down payment at closing) was substantial enough you could feel pretty secure that he won't default on the loan and/or land contract. The Land Contract could give you rights to take back the house in the event he fails to pay the loan or and the land contract and could set up a notice system wherein the Mortgage company would need to notify you of default (not sure how this works). Your name stays on the mortgage but your interest in the property IS secured by the Land Contract. The quitclaim deed would then be delivered upon paying you off (which he could prepay by getting a new loan at any time).

Land Contract interest rates could be set up very favorable to you and your only tie to him is you'd get a check every month from him PLUS GOOD INTEREST. If he fails to pay and you foreclose on him, you could end up with the WHOLE house plus you pocket the down payment and all payment received as well. I know this might not be desirable by you but it would be a creative way to get the deal done for everybody.

Mr. Wondering


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DD19 DS 22 Dday-2005-Recovered

"agree to disagree" = Used when one wants to reject the objective reality of the situation and hopefully replace it with their own.
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intexas Offline OP
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Thanks mrW.

Let me clarify a few things and maybe make this sitch clearer.

We had no downpayment on the house.
The only reason we would be walking away with any money at closing is because this summer we put a lot of money into the house--a new deck, all new paint, flooring (wood laminate), etc. After all the realtor fees, we will only profit (and really it's not a profit if you consider we put about 20grand into it) maybe 9,000-10,000.

Does that make a difference on the advice you gave me?

He was suggesting a quick claim deed followed with a warranty deed.

I will also point out that I feel in no way confident he can afford this on his own. He is losing his job in august since he didn't pass all the cert. exams for his teaching field, and I don't know what he plans to do.

All these terms--I am ready to pull my hair out!!!


BW-me, 29
XH, 29
3 sons-now 6,4,2
Divorce final--Sept. 27, 2006.


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He was suggesting a quick claim deed followed with a warranty deed


I really hope you don't fall for this one...a deed is a deed. The only difference between a quitclaim deed and a warranty deed is that a warranty deed GUARANTEES the interest being conveyed. If the grantor doesn't have what they say they are conveying, they are on the line to clear up whatever the problem is...

So if you quitclaim deed your interest to him, there will be no warranty deed to "follow up" with, since you've already deeded whatever interest you held in the property.

I'd sit tight until he comes through with refinancing -- concrete refinancing. There is NO NEED FOR YOU TO DEED, by quitclaim or any other deed, your interest to him until the refinancing is complete with the new mortgage company and the deal is closing. At that time is when you would sign the deed, he would sign all his paperwork, the escrow (closing) company would be the keeper of all paperwork, and all conditions of closing would have to be met before the deed was recorded and you conveyed your interest in the property to him.

The conditions of closing to be met would be -- 1. Payoff first mortgage with you on it; 2. the period of rescission passes (3 days from the date he signs); 3. You get paid by the escrow company via certified funds or funds wired to your account directly; 4. any and all other liens existing on the property at the time of closing are paid as well.

But don't let him pull the wool over your eyes on this one -- sounds a little like he's trying to do that with the quote I put above.


diamondsj

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intexas Offline OP
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Thanks again DJ--

HE has no clue what he's talking about. OW is telling him how she did it with her ex regarding some property,and she seems to think it should be handled the same way with us.

But OW's H is a wealthy man with a business and property all over. My stbx is a almost unemployed teacher with student loans and lots of credit card debt.
Big differnece.

trust me, i am not gonna fall for this. Only way I am going is through refinancing.

But he says he will not get approved for the refinancing. Because he doesn't make enough.

All I know is I would really like someone to just buy the house. Any prayers in this area are WELCOMED!!! It's a beautiful home. Just doesn't have a garage, and apparently that's super important to everyone.


BW-me, 29
XH, 29
3 sons-now 6,4,2
Divorce final--Sept. 27, 2006.


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"But he says he will not get approved for the refinancing. Because he doesn't make enough."


wah...wah....wah....

Don't we all just feel so sorry for him.....

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Well then by selling it to him you may turn a jt $9,000 or $10,000 profit into a joint $20,000 profit considering all the savings on Realtor fees and transfer taxes. Not to mention the house could sit unsold for 6 more months and you'd be out your continued 1/2 mortgage payments AND you might just have to sell it for $0 porfit or God forbid, a loss.

Your attorney (or a Joint Lawyer) could craft a very tidy and secure Land Contract wherein WH pays you say $2000 or $3000 up front at closing and then nearly all the remaining 1/2 of the calculated profit would be payable over the next 36 - 60 months at 8, 9 or 10% interest. A balloon payment of say the last $1,000 would be payable at the date WH refinances the property and gets your name off Mortgage or otherwise sells the property to someone else and pays off the mortgage with your name on it (because you hold a Land Contract interest you'd get to be at such closing to insure your debts are properly taken care of).

He'd have to continue paying 8, 9 or 10% interest on that final $1,000 until he does so but HE CAN NOT prepay it. That way you get to hold your Secured Land Contract interest (which puts you in a much better position to protect yourself should your name remain on the Mortgage cause WH can't refinance). You'll get a good profit and out of the house and your only tie to WH is some paperwork. When he finally refinances he can pay you off, you deliver the Quitclaim Deed and your done.

IF and only IF, he defaults paying you AND/OR the mortgage with your name on it then your interest in the property is fully secured by the property itself. You could institute foreclosure proceedings, continue payments on the mortgage and force a sale of the property. All your legal fees, late fees, interest would be reimbursable out of the eventually sale proceeds and you may even be able to wrangle getting 100% title to the property on a mere $1000 Land Contract. Your attorney may have ideas I don't know about and/or your state laws may differ.

Although it sounds complicated, a real estate attorney could set the deal up for you for maybe $1,000.00 (which you could split the cost with WH). That $1,000 is much less than the realtor commission you'd otherwise have to pay.

Just an alternative. Hopefully he can refinance and get you off the Mortgage Note. That would obviously be the best way to handle it.

Mr. Wondering <----a Michigan Attorney

*sorry about the legal language.


FBH(me)-51 FWW-49 (MrsWondering)
DD19 DS 22 Dday-2005-Recovered

"agree to disagree" = Used when one wants to reject the objective reality of the situation and hopefully replace it with their own.

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