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Can a property solicitor transfer the mortgage debts to one party in the divorce so the other party can sell the property?
Wiki User
∙ 11y ago
No. Lenders own mortgages and only the lender has the right to make changes in the mortgage. Generally, the debts must be paid off and refinanced in one name only. A lender would not allow a mortgage debt to be removed from the property it secures.
The correct way to handle real property, that is subject to a mortgage, in a divorce proceeding:
- A will transfer their interest in the property to B.
- In exchange for the deed, B must arrange to refinance the property in their sole name and pay off the existing mortgage.
- The entire transaction should be handled by the attorneys who represent each party.
No. Lenders own mortgages and only the lender has the right to make changes in the mortgage. Generally, the debts must be paid off and refinanced in one name only. A lender would not allow a mortgage debt to be removed from the property it secures.
The correct way to handle real property, that is subject to a mortgage, in a divorce proceeding:
- A will transfer their interest in the property to B.
- In exchange for the deed, B must arrange to refinance the property in their sole name and pay off the existing mortgage.
- The entire transaction should be handled by the attorneys who represent each party.
No. Lenders own mortgages and only the lender has the right to make changes in the mortgage. Generally, the debts must be paid off and refinanced in one name only. A lender would not allow a mortgage debt to be removed from the property it secures.
The correct way to handle real property, that is subject to a mortgage, in a divorce proceeding:
- A will transfer their interest in the property to B.
- In exchange for the deed, B must arrange to refinance the property in their sole name and pay off the existing mortgage.
- The entire transaction should be handled by the attorneys who represent each party.
No. Lenders own mortgages and only the lender has the right to make changes in the mortgage. Generally, the debts must be paid off and refinanced in one name only. A lender would not allow a mortgage debt to be removed from the property it secures.
The correct way to handle real property, that is subject to a mortgage, in a divorce proceeding:
- A will transfer their interest in the property to B.
- In exchange for the deed, B must arrange to refinance the property in their sole name and pay off the existing mortgage.
- The entire transaction should be handled by the attorneys who represent each party.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoNo. Lenders own mortgages and only the lender has the right to make changes in the mortgage. Generally, the debts must be paid off and refinanced in one name only. A lender would not allow a mortgage debt to be removed from the property it secures.
The correct way to handle real property, that is subject to a mortgage, in a divorce proceeding:
- A will transfer their interest in the property to B.
- In exchange for the deed, B must arrange to refinance the property in their sole name and pay off the existing mortgage.
- The entire transaction should be handled by the attorneys who represent each party.
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Do you have to use the same solicitor for a transfer of deeds now in UK and a divorce at a later date?
NOT AS FAR AS I AM AWARE.I USED A SOLICITOR FOR THE TRANSFER LAST YEAR BUT THEY NO LONGER DO MATRIMONIAL WORK SO WOULD HAVE TO USE SOMEONE ELSE BUT DOING OURSELVES OR ONLINE ( quickedivorce.co.uk) ANY WAY.IF TRANSFER IS DONE ITS DONE- DIVORCE IN A WAY SEPERATE ISSUE.
Who is responsible for paying the mortgage after a quitclaim deed?
The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.
Who gets the property in a divorce if one name is on the mortgage and both names are on the deed?
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.
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.
Does divorce decree take precedence over original recorded property deed?
Yes. If the couple acquired the property as tenants by the entirety, a survivorship tenancy reserved for married couples, their tenancy would change to a tenancy in common after a divorce.Also, a divorce decree can order one party to transfer property to the other. If they refuse to execute a deed, the divorce decree can serve as the legal transfer in Massachusetts and other states.Yes. If the couple acquired the property as tenants by the entirety, a survivorship tenancy reserved for married couples, their tenancy would change to a tenancy in common after a divorce.Also, a divorce decree can order one party to transfer property to the other. If they refuse to execute a deed, the divorce decree can serve as the legal transfer in Massachusetts and other states.Yes. If the couple acquired the property as tenants by the entirety, a survivorship tenancy reserved for married couples, their tenancy would change to a tenancy in common after a divorce.Also, a divorce decree can order one party to transfer property to the other. If they refuse to execute a deed, the divorce decree can serve as the legal transfer in Massachusetts and other states.Yes. If the couple acquired the property as tenants by the entirety, a survivorship tenancy reserved for married couples, their tenancy would change to a tenancy in common after a divorce.Also, a divorce decree can order one party to transfer property to the other. If they refuse to execute a deed, the divorce decree can serve as the legal transfer in Massachusetts and other states.
What to discuss with a divorce solicitor?
I know that you are going through a really hard time! But you have to take a strong stance to take the right economic, legal and financial decision. This means that you need to have a strong dialogue with a divorce solicitor about property division, child custody, etc. You should ask questions like: Is it important to take the divorce case to court? How long will the divorce proceeding last? Do you have the right to file a divorce? Who is going to get child custody after divorce? Who will be liable to pay the cost of the divorce proceedings? Discuss the payment mode for the services provided by the legal solicitor Is it important to have a point of contract in a divorce case? Who will handle the divorce case? What is their credibility? The answers to these questions might not be universal or accurate. However, when you take legal help from a reputable legal firm like Osbourne Pinner, you will get the most accurate answers to these questions. Plus, you get the transparency to know the career details of the lawyer who will be handling your divorce case. Good luck!
How can I get a loan for a home since my name is on the mortgage of the ex husbands house and in the divorce he is responsible to pay for it?
Divorce agreements are not binding on lenders. If your husband doesn't pay that mortgage the lender will come after you for payment. At the time of the divorce the mortgage should have been refinanced and paid off in return for your interest in the property. Your credit record will show that outstanding mortgage under your name until it is paid off. You should contact the attorney who represented you at the time of the divorce to see if the matter can be resolved now.Divorce agreements are not binding on lenders. If your husband doesn't pay that mortgage the lender will come after you for payment. At the time of the divorce the mortgage should have been refinanced and paid off in return for your interest in the property. Your credit record will show that outstanding mortgage under your name until it is paid off. You should contact the attorney who represented you at the time of the divorce to see if the matter can be resolved now.Divorce agreements are not binding on lenders. If your husband doesn't pay that mortgage the lender will come after you for payment. At the time of the divorce the mortgage should have been refinanced and paid off in return for your interest in the property. Your credit record will show that outstanding mortgage under your name until it is paid off. You should contact the attorney who represented you at the time of the divorce to see if the matter can be resolved now.Divorce agreements are not binding on lenders. If your husband doesn't pay that mortgage the lender will come after you for payment. At the time of the divorce the mortgage should have been refinanced and paid off in return for your interest in the property. Your credit record will show that outstanding mortgage under your name until it is paid off. You should contact the attorney who represented you at the time of the divorce to see if the matter can be resolved now.
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.
We own rental property in Texas The mortgage and deed are in my name only We are planning to separate but not divorce I want to buy his interest Can I transfer his interest via a quit claim deed?
Yes you can transfer his interest using a quit claim deed. There might be a more effective way to do this and you should consult an attorney for advice.
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.
Do chapter 7 bankruptcy relieves you of a mortgage in a divorce but the spouse stills lives in the home?
Filing for Chapter 7 bankruptcy will discharge your personal obligation to pay the mortgage, but it does not remove the lien on the property. Therefore, the mortgage lender can still foreclose on the home if the mortgage payments are not made. In a divorce, the issue of who is responsible for the mortgage payments would typically be addressed in the divorce settlement or court order.
Can you sign quitclaim deed if you still owe mortgage company?
Quitclaim deeds do not release the person quitting claim from their obligations under a mortgage, although a quit claim deed is a step in the right direction. In order to remove the party who quits claim from the mortgage, you must refinance the mortgage in the name of the party to whom title or interest in the property has been conveyed. The credit scores, income and assets of the party quitting claim can no longer be used for the mortgage, and this has traditionally meant trouble for borrowers seeking to refinance to remove the party who quit claim. Quit Claim deed refinancing can be a complex situation, which requires sensitivity and specific expertise in handling refinance transactions pursuant to quit claim deeds.If you have received property or plan to receive property through the execution of a quit claim deed, for example in case of divorce, the only way to finalize ownership of property and mortgage in your own name is to refinance the mortgage once the property is deeded to you, however the overwhelming majority of lenders will not allow you to refinance property unless you have been on title to the property for at least 12 months..
