Mortgage in his name


#1

Do you want any of the equity in the house? That is something that should be decided and discussed. Once you have that settled financially or otherwise do a quit claim on the deed. If he defaults on his mortgage payments, since your name is not on the loan, your credit will not be affected.


#2

Dear CheriPie04,

You need to speak with the mortgage lender and find out if you would have any liability on the loan. If your name is not on the loan to the lender but is on the “Deed of Trust” you would need to have your name removed from that. If your name is not on either of those documents you would quitclaim the property to him. It will be best to resolve all of the financial issues you have before you quitclaim the property over to him.

Helena M. Nevicosi
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax

10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax

1829 East Franklin Street, Bldg 600
Chapel Hill, NC 27514
919.321.0780 main phone
919.787.6668 main fax

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#3

There is no equity in the home as it was just purchased in March of 2006. I just want to be free and clear from it. My name is on the Deed of Trust. I’m still not understanding what I need to do. I thought a quitclaim did remove your name from the Deed of Trust?


#4

A quit claim does remove your name from the Deed but, it does not remove your financial responcibiites since in NC marital debt is debt incurred while married and under law ou are both equaly responsible for that debt whether you are on the note or not.
You would have to get the court to put it in your divorce decree that the debt is the responsibility of the other party to th suit and then provide this to the lender. But, the lender does not have to accept the order either. In most cases, the judge will order that the home be sold.

Phil


#5

Dear CheriPie04,

The “Deed of Trust” is a document you execute for the mortgage company giving them a secured interest in your marital residence. In order to get your name off of this Deed of Trust you generally have to refinance the mortgage. A quitclaim deed only gives up your ownership interest in the property it does not get rid of any liablity for the property.

Helena M. Nevicosi
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax

10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax

1829 East Franklin Street, Bldg 600
Chapel Hill, NC 27514
919.321.0780 main phone
919.787.6668 main fax

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#6

I am in the same situation. We’ve been separated for 10 months w/o separation agreement (this house being all that we have in common). I stayed in the house because I was the one who could afford the payments, and I’ve been making them regularly. Mortgage is in his name alone, deed has both names. My problem is negative equity…what we could possibly get is less than what is owed, assuming the house would sell at all. My options, I guess, are keep the house (although I don’t know how) or just abandon it (will that affect my credit score?) Will this hold up getting a divorce? If I quit it, can I buy a new house? Oh, and if I buy before the divorce is final, can he claim the new house?

Whew, that’s a lot. thanks for any and all help!!!


#7

As long as you are married, you cannot buy anything without your STBXs signature.

You are both responsible for the mortgage whether your name is on the note or not. NC Law makes you both liable for the debt. Marital Debt.

If, U can refi and get quit claim. That would be optimal as long as you can afford it.

Phil


#8

Afford it? I’ve been the sole wage earner for most of our marriage! When he left, my life AND budget were a LOT better. I’d hate to lose this house. It’s not perfect, but workable.

Two more questions:
What does STBX stand for? (I can guess what it refers to)
Is there a way to get the mortgage company to just change the name or let me assume the loan w/o refinancing?


#9

Your mortgage is a financial contract between you(or in this case the two of you) and your lender. They will not drop a person’s name or change names.


#10

Dear CheriPie,

I would suggest putting the house on the market and attempting to sell it, that would be much better than abandoning the property.

Helena M. Nevicosi
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax

10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax

1829 East Franklin Street, Bldg 600
Chapel Hill, NC 27514
919.321.0780 main phone
919.787.6668 main fax

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#11

My husband and I are separating. The mortgage is in his name alone, however, both our names are on the deed. He wants to keep the home and that’s fine with me. How should this be handled in a separation agreement? Do I quitclaim to him? Also, if he defaults on the loan, during our year of separation can they come after me for repayment?