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Asked 08/28/2009 09:03 am CT (Bloomington, IN)

I am going through a divorce. My name is not on the mortgage but i am getting a quitclaim deed. I will mainstain the payments of the mortgage as i have done for the last 1 1/2 years. If i decide to sell the home after the divorce, will he recieve any of the profit if there is a profit.

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Kim, This is a questions for your attorney. The divoirce decree will layout the terms of the divi...

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Asked 06/28/2009 07:45 am CT (Jacksonville, FL)

My mother has filed a quickclaim deed with the county as \"rights of survorship\" to me. We want to add my name to the actual deed with the mortgage company. Will I be required to re-finance the home with the mortgage company (bank of america)? When the loan was with country wide we were told that as long as I was on the actual deed to the home I could simply continue the payments. I have no interest in selling the home and just want to live in it.

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You would have to check directly with BofA, but most likely yes. Just because you are on the deed, ...

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Asked 06/03/2009 10:05 am CT (Ann Arbor, MI)

I have a co-signer along with myself on my mortgage loan. My husband did not qualify become of self employment income. We are current on our loan, but having some trouble making the payments, and would like to inquire about a loan modification program. Is this unrealistic since we are current, and have a co-signer because their income will be included with mine, although they are not helping make the payments ? Also, my husband and I claimed ch 7 bankruptcy last year (because of the business debt) and received discharge in December 2008. So re-finance is out for us to release cosigner from obligation. Is there any hope for us to get a lower payment??

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To get a loan modification, you have to prove financial hardhship and that you can't affford the cur...

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Asked 04/08/2009 09:44 pm CT (Houston, TX)

What is a quit claim deed?

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Dear S M, A Quit Claim Deed is designed to add or take someone off of a title to a property. Be v...

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Asked 03/16/2009 12:44 pm CT (Dallas, TX)

My ex husband and I owned a home together. We divorced and I signed a quit claim deed so that he could refianance the home in his name using his VA and I could have mine back. He has yet to refinance the home. It has been over thirty days. If he does not refinance the home what are my options?

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Dear Kelly, in order to remove your name on this loan, your exhusband has to refinance this property...

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Asked 02/25/2009 06:47 pm CT (Orlando, FL)

If my name is on my homes deed but not on the loan but I pay the mortgage and the taxes can I claim the property taxes, and real-estate taxes on my taxes

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Consult your tax advisor. However, I have personal experience w/ the same situation where I claim t...

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Asked 11/24/2008 09:15 am CT (Norwich, CT)

My husband's father passed away this November. Before he passed he quick claimed his home to my husband. My question is, do we have to refinance the home in our names, or can we take over his mortgage with the low percentage rate that he had?

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It depneds on what type of mortgage he had. Today's rates are the lowest in years. so it would be a ...

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Asked 11/03/2008 12:57 pm CT (Tulsa, OK)

I signed a quit-claim deed and let my ex husband have the house in our divorce 4 years ago. The divorce decree states that I shall be "held harmless" when it comes to the mortgage My name remains on the mortgage. He rarely makes a house payment on time and has trashed his credit right along with mine. I have defintely been harmed. I am unable to obtain a credit card, a car loan, or any type of loan whatsoever. He only owes $11,000 on the house and it is worth around $150,000. Still yet, with his poor credit and low cash flow (he is self-employed) he says he can not find anyone to refinance the mortgage and release my name; nor does he have the cash to pay it off. He does seem to come up with money when he wants to...e.g. a new Harley Davidson, 2 SUV's, a boat, 2 sea-do's, etc. etc., however, that was before the economy got so bad. My parents have hired an attorney on my behalf and plan to take this matter to the court's in hopes of the issue being resolved. I have researched the matter and am afraid that they might be wasting their hard earned money. Am I completely out of luck, or is there a possibilty this could be resolved somehow? Thank you in advance for any advice you can give me.

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Asked 07/19/2008 09:24 am CT (brownstwon, MI)

I have been divorced 5.5 years. I have a 1st mortgage (171,000, 30 year, 6.25%) and a second (21,000, 15 year, 8.5%) still in my name with my ex-wife. I signed a quit claim deed to the property during our divorce. She has been 30 to 60 days late on both mortgages almost the entire 5.5 years. She has dropped my credit below 600 becuase of this. She is now going to stop paying the second mortgage because she thinks nothing will happen to her and I will have to pay. What should I do?

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Asked 06/20/2008 09:24 pm CT (phila, PA)

I LOAN A PERSON 15K(DID THIS IN A MORTGAGE) TO PURCHASE A PROPERTY THIS PERSON ALSO TOOK A LOAN OUT WITH THE BANK TO PURCHASE THIS SAME PROPERTY FROM THE SELLER. I RECORDED MY MORTGAGE BEFORE THE BANKS. THE COUNTY RECORDS SAY THAT I HAVE 1ST PRORITY, THE BANKS CLAIM THAT EVEN THOUGH IM LISTED AS 1ST SINCE THEY ARE A PURCHASE MONEY MORTGAGE THEY ARE 1ST. I SAID THAT IM A PURCHASE MONEY MORTGAGE TO. THE TITLE COMPANY SEND ME A SUBORDINATION AGREEMENT WANTING TO PAY ME $1000 IF I SIGN, IF I DON'T THEY SAID THEY WILL GO INTO LITIGATION. IM LOCATED IN PHILADELPHIA PA.

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Asked 06/03/2008 07:30 pm CT (las vegas, NV)

I\'m in the Union. When a site is complete theres usaully 2 weeks between projects. If unemployment is claimed for that period, will that damage chances of getting a loan?

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For most states, the waiting period for unemployment is greater than 2 weeks, so their appears no be...

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Asked 05/29/2008 10:11 am CT (Baltimore, MD)

I want to refinace my house to get caught up on bills but I\\\'m not able to becasue of my credit. I wanted to do a QuitClaim Deed to add my mother so that she could refinace. I was told that because she is not on the original loan I could not do that in addition to her not living in the house. Is any of this true? I was told this after the agent got all our info and processed it. He knew she didnt live with me from the beginning and also that I was the only one on the loan.

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Asked 05/01/2008 04:05 pm CT (Detroit, MI)

My Mortgage Company turned my home over to a Mortgage Brooker in the City of Detroit. The home is no longer in my name and has been put up for a sherrif sale. The second Mortgage is requesting I pay them over $900.00 in addition to other fees. Are they able to come after me for payment. I owe them $28,000. My first mortgage really did me wrong because we had set up fixed payment plan and because they claimed they did not receive agreement on a certain date, they just forclosed without my knowledge. I only found out when they returned my check for $718.00. They did this 2-24-08. Do I still have to pay the 2nd mortgage company. They call everyday. Please advise.

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Gloria I am sorry to hear about your difficult situation - unfortunately, all mortgage holders are e...

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Asked 04/16/2008 07:28 pm CT (Lithonia, GA)

I am living in my house for three years, it was quick deed over to me, my name is not on the mortgage, am I entiled to claim the interst on my tax form?

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It's a question for your tax advisor. However, I believe if the individual that's on the mortgage is...

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Asked 03/20/2008 08:36 am CT (Elkhart, IN)

My exhusband passed away in Feb. Prior to that he quitclaimed his house to me. (It is recorded at the county). His daughter from a prior relationship-there is question she is even his real daughter-came to me offering to claim the house so that I would not have to pay inheritance tax. I told her no, and am proceeding with filing the return. My question is, can she put a claim against the house?? If so, would she have to prove she is his daughter. There is also a vehicle she wants of his.

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Asked 03/17/2008 11:25 am CT (Ivins, UT)

My husband and I bought a home about 8 years ago. It was our first home and we got scammed into taking on a balloon payment of $20,000 due after the first 2 years. Needless to say we couldn't pay that much all at once. We went to a place trying to refinance and they ran our credit so many different times that they decreased our credit score below what they said they would allow and refused to refinance us. This took so long that by the time they told us they wouldn't refinance us the balloon payment was up and we were being threatened with forclosure. We decided then to do a chapter 13 bankruptcy to pay back this amount owed in a way that we could more readily afford. Between now and the time that we filed the bankruptcy I have lost my job 4 times. 2 times due to downsizing companies, once due to health problems, and once due to an employer who decided after hiring someone they knew they would have to train, that they couldn't spare the time. Through all of this I have tenaciously found the way to make my mortgage payments along with my chapeter 13 payments. Now however it seems to me like my mortgage company is trying it's darnedst to take my home (which has risen in value to almost 3 times what we initially got the loan for). I was late on a mortgage payment once and they filed for a dismissal of my chapter 13 so that they could forclose. I pulled it out and made all the payments needed so they dropped it. The legal document filed, however, said that if after 3 times of payments not being on time they could dismiss the 13 and forclose right away. Since the first time I have paid my payments on time and made sure to get proof of delivery from the postal service each time. They have since claimed that I was late once before, which I proved incorrect, and now they have sent me a document that says that I have alledgedly been late again and they are going to forclose. I have only $500.00 left on my chapter 13. If I get my bankrupcy lawyer to fight it, he will tack on more money for his services to the 13 and it will take longer and I'm not sure this mortgage company is going to give up on trying to forclose on me! What should I do? Even when the 13 is over I will still be with the same mortgage company and probably still be facing forclosure every time they decide they want to mess with me!

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Get away from that mortgage company AND make your pymts on time. If you can't afford the home, I'd s...

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Asked 02/22/2008 08:35 am CT (Chantilly, VA)

My mother and bough a home together in 03 suing the 80/20 principle which mean we have two mortgages. We are both listed on them both and share a 50/50 payment and ownership rule. I am having a nightmare time applying for an auto loan due to my dept to income ratio which is primarily the home. I have a few credit card that hold a very low balance to credit limit. I have heard that I can claim my mothers contributions as income to help my debt/credit ratio. Since the bank does not look at the fact that there are two head of household here that are both claiming 50/50 ownership and payments. Please provide me with any information that could potentially help both of us reduce this ratio to obtain credit for an auto loan.

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Asked 02/21/2008 04:15 pm CT (RENTON, WA)

I have been seperated from my wife for 2 years. She is living in the house. When we refinanced 3 years ago the loan was only in my name. Her parents had been making the mortgage payments for her. To help make things easier I signed a quit claim deed to my wife and then she in turned did the same to her parents so they could refiance the property to lower the payments. After 9 months they still hadn't refied. They also always late with the mortgage but kept telling me they were working on it. Now the mortgage is 3 months late and they are now my inlaws and wife are going to let it go into foreclosure. Now I am scrambling because one the mortgage company says I'm responsible for the loan but now my credit is ruined and they also informed me that we did not have their permission to do the quit claiming. However county records are showing my inlaws. I do understand that I am responsible for the loan. What is the resonsiblity of my inlaws? When they did they were aware of an IRS tax lien and a unpaid sewer lien. Are they liable at all? What course can I take here? I'm scrambling to try to sell it but I haven't had any luck. Thanks Tom

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Tom, I am sorry to hear about your troubles. Your situation is very complex, and my best advice is...

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Asked 02/12/2008 10:08 pm CT (san diego, CA)

My mother owed her house outright. right before she passed away she took out a 2nd on the house for $75,000. (Her home is worth well over $500,000.) The house was left to my brother and me, however my brother who is claiming he was made the trustee just before she died (her lawyer was it as far as I knew) now is saying he will not pay the loan because it was our mothers loan. Even thought the loan company is asking for a payment. However if the house was used as collarterial can't the loan company demand or expect payment from us since the house was left to us? Or with her death does the loan go away? My brother has since rent out the house way under fair rental rates for the area and is telling me that I can do nothing and that he will buy me out in a year or so. Thank you for your help.

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You should be concerned. if the home was used as collateral for the "2nd" loan, then yes, the loan ...

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Asked 02/08/2008 01:40 pm CT (Ann Arbor Area, MI)

My ex & I finalized divorce in March 2007. I have been the sole income and paid both the primary and secondary mortgage. The Lawyers sprung Liens on the property in court without prior knowledge or resulting adverse effects. The money was available to pay the lawyers and ex off. However the credit union and title company interepretted the liens as primary, and wanted a suborndiation agreement. The subornination agreement was finalized after the market plunged, and mortgage applicaton expired. No equity left in the home as there are foundation repairs. The ex was to issue a quit claim deed, but never did. I have made all payments. Under advisement with the courts to refinance, however my credit fell as I attempted to refinance and get loans, causing the loan to value and credit scores not to align. My lawyer won't lift the lien. Question: What are the creative options for me to remove my ex from the title and deed. I cannot refinance, and the foundation is needing repair.

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