Bad idea: Quitclaiming property while your name remains on mortgage Daily Breeze
Q: When I was married, my wife and I signed a loan to buy a home. We got divorced, but she was awarded the house in the divorce agreement and stayed in the property for a few years after our marriage was finished.
I had to sign a quitclaim deed, and in the divorce decree it was stated that she would refinance if possible. The house went into foreclosure, and was sold, and now the lender is coming after me for some of the money.
Am I still liable for this loan? It has been years since I lived in the property. If I am liable, what can I do to take care of this situation?
A: One mistake homeowners frequently make when getting divorced is signing a divorce decree that requires a spouse to refinance the property at some unspecified time in the future, even though it assigns the ownership of the property to that spouse.
When you signed the quitclaim deed, ownership of the property transferred to your wife. But your name remained on the loan documents. So, your wife got the house,
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how do i refinance my property in idaho from california? help???
I hsve a property in Idaho that I'm renting and is in arm optional and i needed to refinance in the last quarter of 2007 - my friend who is a loan officer told me that i have to go with lenders in idaho - is this true? what to do?? please help. thanks.
What your friend probably meant is that they couldn't do it. Most likely because your friend or your friend's mortgage company is not licensed to do business in Idaho. As long as your broker/lender is licensed to do business in Idaho you will be fine. Most major banks like wells fargo and bank of america can do the loan for you in any state. You could call a lender in Idaho but that would be for preference not necessity.
If he's a loan officer for a licensed and Federally Regulated facility......He got Mad trouble.....
They can simply deny you the loan however. They don't have to give you a loan. Thay just can't say it's because it's for property that's out of state.
No reason to worry whatsoever. Your friend is not very knowledgable in this area.
The lender does not have to be physically located in Idaho as long as they are licensed to do business there.
To refinance a rental investment property in Ca.?
Due to this apparent sub-prime crisis i cannot get anyone to refinance my rental investment property in California. I have a lot of equity in this property, anyone got any ideas .
Given the falling real estate values in California, you may not have the equity you think you have.
If you actually DO have equity, shop around, since lenders are willing to work with borrowers with good credit ratings and acceptable equity levels.
Happy Living!
How do California property taxes change?
I'm thinking of refinancing my house, will my taxes change? I live in LA county.
What if the appraisal is higher than when I bought it? Like 20% higher.
Refinancing your mortgage will not affect your property taxes. Property taxes are based on the value of the property, not the amount owed.
Or make a big improvement (add a pool, add a floor, add a room).
file deed transfer first or refinance property?
I want to transfer my house and mortgage to my daughter. I know I will need to file a deed transfer and refinance in order for me to complete this process. But does anyone know if there’s a certain order that I should go about this? Do I need to file a deed transfer first or refinance? I live in Sonoma County, California. Thanks.
Ok, in order for you to transfer the title and the mortgage to your daughter, your loan must be assumable (I doubt that it is) but if it is, your daughter needs to qualify to assume that loan. The first step would be to be to add her to the title then assume the loan.
But if your loan is not assumable (most likely it is not) then your daughter needs to qualify for a NEW loan based on her financial situation. The same applies here as for the steps of the transfer.
In both cases you will need to remain on title for a while otherwise if you transfer and your name is removed from title, it is basically like a equity gift or a private sale and there are other issues that are involved.
This is my opinion and it is not legal advice so consult with the title company of your choice.
Good luck
The title company you are using can help clear this up. The deed is usually recorded before the financing change, unless the financing change REQUIRES a release to let the property change hands; and there isn't enough info here to be sure.
What happens if you foreclose on a property in California and have a HELOC on the property?
My sister has a first mortgage and a HELOC (home equity line of credit). Most of the heloc amount was used to pay for refinancing costs because she also had a prepayment penalty. She got the Mortgage in December 2004 and refinanced in January 2005. She got the Heloc when she refinanced. Will she have to pay the Heloc?
Thanks
Yes, most lenders will try and come after you for the balance of the HELOC even if it forecloses. What she should do is call the lender and try to negotiate a payment arrangement for the balance.
Is there an institution in California that will finance/refinance an irrevocable trust at a reasonable rate?
2 trust properties are involved, one owner occupied, the other a rental asset. In May, with a commitment letter from WaMu for a 30 year fixed rate 5.625% and papers ready to be signed, bank withdrew offer and stopped all of these loans system wide.
A trust is a legal entity, NOT a loan. There is NO SUCH thing as an owner occupied trust property. No person owns the trust. It 'owns' itself. The FIRST thing you need to do is take ALL your paperwork to a trust attorney to find out if a trust actually exists. Putting the work trust on the paperwork has NO legal effect.
When you refinance your home, do your property taxes go up?
I live in California and have refi'd my home a few times. The company I am working for right now told me my property taxes will go up. This has never happened before, as I thought it was only when you buy or sell. Does anyone know? Also, you know any good mortgage refi companies that let you use your own appraisal that you personally paid for?
Your property taxes are assessed when you buy your home. you won't have to worry about youir tax burden going up unless your home is re-assessed by the county for another reason.
You might worry about the person you're working with though. They should know this if they do loans in California on a regular basis.
As for your appraisal:
I can use the appraisal that you have but the appraiser would be scrutinized by any lender that we work with. Also, the age of the appraisal will come into play and you may have to get a new appraisal if it is over 90 days old and an update if it is older than 60 days. If you use the same appraiser he or she will probably give you a discount for coming back to them.
There are even some lenders that will take an automated value or a drive-by instead of an appraisal, but they may or may not have the best program for your situation.
If you want to talk some more, feel free to send me an email.
In CA if a property is refinaced, icase of stop payment would only be forclosed, or it would be juggmet also?
Would it be any judggment against other properties of person who would stop payments on a property which is refinanced in California or only would be only the forclosure of the refinanced property
If you let the home lapse into foreclosure, the banks do have the right to attempt to collect for their losses.
In most cases, someone who was foreclosed on has no cash or assets to take, and it all goes away, since they're chasing after nothing and it's just a waste of time and money.
But, if you have other property, assets, etc..., they could attempt to collect from you, even sue you for their losses.
What are some of the best ways to protect personal assets in California?
To make long story short, I’m facing a possible foreclosure on my first primary residential property in California. It’s a money purchase loan and it has never been refinanced. Due to the current California laws, I’m protected under what is called “anti-deficiency” law meaning once the bank foreclosed the property; they are not allowed to come after me for the balance that didn’t satisfy the loan balance after the sale of the auction. I want to be sure that my small personal assets are shielded from other unseen circumstances so here’s my question: I purchased a small residential parcel lot back in 2003 at a fairly cheap price in California using an owner financing agreement and it will be paid off next month. The grant deed will then be transferred onto my name and gets recorded with the county. What are the best strategic ways to transfer the title to me without the possibility of losing this property in case I get sue. The current value of this parcel lot is at around $45k. I don’t
It is doubtful that they would know about it.
If you can repay the money you spent of the banks you should. You are talking about stealing from them, you have the means to repay.
Refinancing a condo I bought when I was unmarried, will a refinance give my husband rights to the equity?
I bought the condo in 2001 and got married in 2007. I am tempted to refinance but I do not want to lose the community property rights (California) I get from owning this property before I married. If I refinance now, with my married name, but leave the condo in my name, will my husband get half the equity if we split?
Any changes to finances after you get married entitles either of you to any of it. You shouldn't think like that though. Protect yourself but plan like it's long term. Good Luck!
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