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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?
Wiki User
∙ 9y ago
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.
Wiki User
∙ 9y ago
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You co-signed on your sons mortgage you have your own property in a life estate can your sons mortgage company have any rights to your property that is in the life estate?
If the property in which you have a life estate is a separate and distinct property from the property your son mortgaged (and you co-signed) then the lender has no rights in your life estate property. If the property your son mortgaged is the same property in which you have a life estate then if he defaults on the mortgage and the lender takes possession you will also your life interest in the property since you also signed the mortgage.
What are the legal rights of an unmarried couple to a home when they are separate and both their names are on the deed but only one is the mortgage holder for the house?
The answer depends on the details that were not included and its a complicated situation. In order for the lender to perfect their interest in the mortgaged real estate, all the owners must sign the note and mortgage.If your name was on the deed as joint owner before the mortgage was granted and only the other owner signed that mortgage then the bank can only foreclose on the co-owner's half interest if the mortgage isn’t paid. Your half interest would be free of the mortgage. Generally, if you own an interest in real property and don't sign the mortgage, the bank cannot foreclose on your interest in the case of a default since YOU did not transfer your interest to the bank.If your name was added by deed after the mortgage was granted then your interest in the property is subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage. That means if the sole owner of the property grants a mortgage and then transfers an interest in the property to another person, the bank can demand the full payment of the mortgage- immediately.If there is no issue with the mortgage being paid and if you acquired a half interest by a valid deed then you will be paid half of the net proceeds if the property is sold. You are also responsible for paying the property taxes.
Is there any state where a wifes inheritance is a maritial asset?
No. The inheritance is the property of the wife and her husband has no right, title or interest in it. For that reason she should make certain it always remains separate property, in a separate account.No. The inheritance is the property of the wife and her husband has no right, title or interest in it. For that reason she should make certain it always remains separate property, in a separate account.No. The inheritance is the property of the wife and her husband has no right, title or interest in it. For that reason she should make certain it always remains separate property, in a separate account.No. The inheritance is the property of the wife and her husband has no right, title or interest in it. For that reason she should make certain it always remains separate property, in a separate account.
When a second mortgage is in foreclosure does the first mortgage show as a foreclosure?
No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.
What is the difference between refinance and home equity loans?
Both refinancing and home equity loans release finance from the equity a person holds in their property. The difference that a loan is taken out based on the amount of debt owed on the property against the value if it was sold, but is separate form your mortgage. Refinancing will replace your current mortgage with a new one. Equity Loans generally carry a higher rate of interest that a mortgage.
Does you spouse name have to be on a mortgage?
All the owners of the property must sign the mortgage so that the lender can take possession of the property in the case of a default. Property rights between married couples vary by state and vary between community property and separate property states. You need to check with an attorney in your jurisdiction.All the owners of the property must sign the mortgage so that the lender can take possession of the property in the case of a default. Property rights between married couples vary by state and vary between community property and separate property states. You need to check with an attorney in your jurisdiction.All the owners of the property must sign the mortgage so that the lender can take possession of the property in the case of a default. Property rights between married couples vary by state and vary between community property and separate property states. You need to check with an attorney in your jurisdiction.All the owners of the property must sign the mortgage so that the lender can take possession of the property in the case of a default. Property rights between married couples vary by state and vary between community property and separate property states. You need to check with an attorney in your jurisdiction.
Is Wyoming a separate property state?
Wyoming is a separate property state.Wyoming is a separate property state.Wyoming is a separate property state.Wyoming is a separate property state.
If you are legally married can the husband buy a home without his wife's signature in Texas?
Yes a husband or a wife can buy a house without the spouses signature being required. However, in community property states one spouse will acquire an interest in property acquired by the other spouse during the marriage. That interest would become important when the property is sold or if there is a divorce. You should consult with an attorney in your jurisdiction to determine if your state is a separate or community property state. You can purchase real property in community property states without your spouse's signature but you can not legally sell this property without the consent of your spouse. Hence, the real estate saying "One to buy, Two to Sell".
Can two people be on mortgage and one person on deed?
Generally no, all the owners of a property (and in many states their spouses) must sign a deed of trust or mortgage. The purpose of the mortgage is to give the lender the authority to take possession of the property by foreclosure in case of a default. When all the owners haven't signed, it's usually because someone (at a bank, title company or law firm) has made an error. If a mortgagor defaults following a properly executed mortgage, the lender can take possession of the property by foreclosure and sell it. If all the owners (and spouses in some states) didn't sign the mortgage then the lender can take only the interest of the owner who did sign the mortgage and cannot take the interest of the owner who did not. Therefore, the lender could not take 100% ownership or possession of the property by foreclosure because it has no claim to the non-mortgagor's interest. However, remember that what we typically call a "mortgage" involves TWO legal documents, a promissory note AND a recorded document called either a "deed of trust" or "mortgage" depending on state law. It is the promissory note which obligates the borrowers to repay the debt, not the recorded deed of trust or mortgage. The deed of trust/mortgage is the consent by the OWNERS of the property to use that property as collateral for the loan. The borrowers signing the note and the owners ("mortgagors") signing the mortgage do not have to be the same people (although in residential mortgages there is usually at least one person who is both a note borrower AND a mortgagor). It is not always possible to determine from the recorded mortgage who is responsible for the repayment of the note
Does the spouse have to sign the mortgage in PA-Hubby is the one on the mortgage but bank states wife has interest in property so she must sign. Does that mean she has to be a co-applicant?
Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.
Will a deed in lieu of foreclosure affect your credit record if you are on the deed in joint tenancy but did not signed the note or mortgage?
If you were a joint owner and didn't sign the mortgage then the bank cannot foreclose on your interest in the property. Therefore, you shouldn't sign a deed in lieu of foreclosure. Only the borrower in default should sign that deed. The lender erred by not having all the fee owners sign the note and mortgage. If only one owner signed then the bank only received that person's interest in the property. If you want to sell your interest to the bank it should conveyed by a separate deed with you alone as the grantor. If your name was added after the original owner granted the mortgage the situation is different. You should seek the advice of a real estate attorney who could advise you about your rights and how to make the transfer properly so it doesn't have an effect on your own credit.
What does divided interest mean as far as property goes when a father gives two children property but he has a liftime dowery?
Say that a married couple own a house together. They have what is called equal and undivided interest in the property. They each have full interest, but they can't say: "Joe owns the den and garage, and Mary owns the closets and bathrooms". They each own all of it. Divided interest is where various parts of property go to separate individuals.
