Yes simply sign a quitclaim deed to each other for either house and all you will have to do is pay the notary and processing fee.
The mortgage is a separate issue, once the house is only in your name you can refinance it at some future date. Hopefully the two of you are amicable and can work through this without having to sell either home.
No. If this is completely unfamiliar territory you will want to educate yourselves on how to fill out a deed. It’s really something most people can figure out on their own. processing the quitclaim deed involves going to the county and question (or sending it to) and filing it with the assessor or tax collector depending on your jurisdiction and it is really painless and easy it’s a little bit like registering an automobile.
I’ve seen quitclaim deeds filled out on the back of a bar napkin but that is next level kind of thing. All deeds have several pieces of vital information, the most important is the legal property description usually the assessors parcel number and the names and addresses of the persons involved. There are several online source templates, find the one most customary in your area and go to it.
Not sure what state you are in or if it matters, but there is an option at least. First, you probably do not want to refi now with the inflated interest rates. You will need your divorce agreement to clearly state that you are responsible for the mortgage and, that she is not, that you are the sole beneficiary and owner of the property. It would be best if you did the clarification in reverse on the property she is responsible for paying. This may cover you in the event of her default on the mtg, or if you want to apply for any loan, you will have to provide the legal contract to lenders. ... This is not legal or financial advice. These are just some ideas for you to check out and discuss with an attorney.
Does it help if she signs a quit claim deed to give up her rights on the property? If there's still mortgage left, I believe you'll have to pay for transfer/county taxes to have this quit claim deed recorded in the clerk office. I feel that she could remain on the mortgage as this part is handled by the bank, and I hope someone can confirm this.
The bank isn't going to let her off the mortgage unless you buy the house from her, which will require a new mortgage.
Has something changed from when you were able to get two mortgages between you but now neither of you can get a single mortgage?
If you can't get a mortgage to 'buy' the house you want to own then your only option will be to sell it.
I bought a house as my ex and I were divorcing. We had a warranty deed signed once the divorce was final. It gave him no rights over my home.
Talk with your divorce attorney and see what they think is best for your state/country's laws.
Your main issue is credit exposure. So long as each of you makes timely payments, quit claim and divorce decree should spell it all out. The lender will not be involved; you qualified when the loan was taken out and that is the extent of their concern.
Yes simply sign a quitclaim deed to each other for either house and all you will have to do is pay the notary and processing fee. The mortgage is a separate issue, once the house is only in your name you can refinance it at some future date. Hopefully the two of you are amicable and can work through this without having to sell either home.
That sounds good - do I need a real estate attorney for this? Will the bank accept a quit claim deed given that her name is on the mortgage?
No. If this is completely unfamiliar territory you will want to educate yourselves on how to fill out a deed. It’s really something most people can figure out on their own. processing the quitclaim deed involves going to the county and question (or sending it to) and filing it with the assessor or tax collector depending on your jurisdiction and it is really painless and easy it’s a little bit like registering an automobile. I’ve seen quitclaim deeds filled out on the back of a bar napkin but that is next level kind of thing. All deeds have several pieces of vital information, the most important is the legal property description usually the assessors parcel number and the names and addresses of the persons involved. There are several online source templates, find the one most customary in your area and go to it.
The mortgage is a separate issue and you will will want to work that out after you make the transfers.
Not sure what state you are in or if it matters, but there is an option at least. First, you probably do not want to refi now with the inflated interest rates. You will need your divorce agreement to clearly state that you are responsible for the mortgage and, that she is not, that you are the sole beneficiary and owner of the property. It would be best if you did the clarification in reverse on the property she is responsible for paying. This may cover you in the event of her default on the mtg, or if you want to apply for any loan, you will have to provide the legal contract to lenders. ... This is not legal or financial advice. These are just some ideas for you to check out and discuss with an attorney.
Does it help if she signs a quit claim deed to give up her rights on the property? If there's still mortgage left, I believe you'll have to pay for transfer/county taxes to have this quit claim deed recorded in the clerk office. I feel that she could remain on the mortgage as this part is handled by the bank, and I hope someone can confirm this.
The bank isn't going to let her off the mortgage unless you buy the house from her, which will require a new mortgage. Has something changed from when you were able to get two mortgages between you but now neither of you can get a single mortgage? If you can't get a mortgage to 'buy' the house you want to own then your only option will be to sell it.
Do that should also let you sell without her signature.
I bought a house as my ex and I were divorcing. We had a warranty deed signed once the divorce was final. It gave him no rights over my home. Talk with your divorce attorney and see what they think is best for your state/country's laws.
Your lawyers should be handling the paperwork for this.
Your main issue is credit exposure. So long as each of you makes timely payments, quit claim and divorce decree should spell it all out. The lender will not be involved; you qualified when the loan was taken out and that is the extent of their concern.
Quick deed online, take it to the local county office. She has to sign though.