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Who gets the property in a divorce if one name is on the mortgage and both names are on the deed?
Wiki User
∙ 15y ago
Property and divorce laws vary from state to state. The division of property depends on many factors such as whether you live in a community property estate, if the property was acquired during the marriage, etc.
Wiki User
∙ 15y ago
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Your husband remortgaged your property without notifying you after separation. What should you do?
You should consult with an attorney who specializes in divorce as soon as possible. If the property is in both names, he can only grant a mortgage on his own interest in most states. In some states a husband cannot mortgage any property without his wife's consent. You need expert advice according to the law in your particular jurisdiction.You should consult with an attorney who specializes in divorce as soon as possible. If the property is in both names, he can only grant a mortgage on his own interest in most states. In some states a husband cannot mortgage any property without his wife's consent. You need expert advice according to the law in your particular jurisdiction.You should consult with an attorney who specializes in divorce as soon as possible. If the property is in both names, he can only grant a mortgage on his own interest in most states. In some states a husband cannot mortgage any property without his wife's consent. You need expert advice according to the law in your particular jurisdiction.You should consult with an attorney who specializes in divorce as soon as possible. If the property is in both names, he can only grant a mortgage on his own interest in most states. In some states a husband cannot mortgage any property without his wife's consent. You need expert advice according to the law in your particular jurisdiction.
Can you assume a mortgage after your divorce - If you are unable to refinance - do you have other options?
You need to discuss it with your lender. If you are unable to refinance then the mortgage will remain in both names regardless of any divorce agreement and both remain responsible in the case of a default. Any person who gives up their interest in marital property in a divorce proceeding must make certain they will no longer be responsible for paying the mortgage. Generally, that can only be accomplished by a refinance.
Do you have to pay off your spouse if you keep the house in a divorce?
It depends on the terms of your divorce settlement and distribution of marital assets. The settlement will be negotiated by your respective attorneys. If you cannot agree then the court will decide the division. Generally, if one spouse gets to keep the house, it is in exchange for some other property or entitlement such as future alimony. If there is a mortgage on the property it must be addressed prior to the divorce. The person who will be retaining the property should arrange to pay off the mortgage and refinance in their own name. As long as both names are on the mortgage both are equally responsible for payment even if one has transferred their interest in the property to the other by deed.
Does ex have to sign off a mortgage if we are divorced?
Not necessarily. It would depend on the courts issued judgment. At times, when the mortgage is in both names, it stays in both names until the house is sold. Usually, this takes place when the children reach the age of emancipation (unless they are still in school as full-time students). Still, it depends on the judgement.A Different PerspectiveAny matters regarding real property, mortgages and deeds should be addressed at the time of the divorce. Banks are not bound by divorce agreements. Any changes in the mortgage must be approved and executed by the bank and must be in writing. Generally, the mortgage remains in both names until it is paid off.
Your ex-husband quit claimed his interest in the property to you. Is he still responsible for the mortgage if you can't make a payment?
Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.
In a divorce can one spouse quit claim the house to the other if both names are on the current mortgage?
NO. Simply transferring your interest to the other party will leave you still responsible for paying the mortgage. As part of the transaction you must require that the other owner refinance the property in their own name and pay off the existing mortgage. Your attorney should be able to explain this process to you and take care of the necessary paperwork. It should be made part of the divorce agreement.
Do both husband and wife have to sign Mortgage loan papers in the state of Oklahoma?
If both own the property then both must sign the mortgage.If both own the property then both must sign the mortgage.If both own the property then both must sign the mortgage.If both own the property then both must sign the mortgage.
Can ex-wife refinance with a different mortgage company if the house has 2 mortgages on it the first mortgage is in his name only and the 2nd mortgage is in both names but both names are on the deed?
Yes, If the house was given to you in the divorcee. You will also need to have a quick claim deed done and he will need to sign it. Both mortgages will have to be included in the refi, because they are both tied to the property.
Who is responsible for a joint home loan if the divorce decree designates one party to take ownership and after that person fails to do so the property is foreclosed?
Terms of a divorce decree are not legally binding for any lender. If both names remained on the mortgage at the time of foreclosure then both parties are responsible for any deficit and penalties that might be assessed in relation to the join debt.
When refinancing mortgage do both spouses have to be on mortgage in TN?
If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.
How do you divorce your husband and legally transfer your interest in the marital home to him?
Before the divorce? Not sure that you can if both names are on the deed/lease. Unless you can get a restraining order of some type. If your name is the only one on the deed or lease you would have to serve him an eviction notice.
If your name is not on the mortgage and you contribute towards it how do you stand if you get divorced with kids involved?
It will depend on the specifics of your situation and the laws of your state regarding whether the property is considered to be separate property or marital property. Even if your name is not on the mortgage/title, it would likely be considered marital property if it was purchased (not received by/purchased from funds received by gift or inheritance) during the marriage. Check the laws of your state regarding divorce/property distribution. * The names on the mortgage only indicate the persons responsible for the repayment of the loan. Ownership of any property is determined by how said property is titled. In community property states all property acquired during a marriage is considered jointly owned. In non-community property if the title does not contain both spouse's names state laws governing marital property take precedence, usually it will be resolved by equitable distribution.
