I don't know for sure, but what I do know is that for awhile my stbx was thinking he would take the house. My attorney had made a comment such as "We can give him 12 months to get the home financed solely in his name, something, something, something, or it will be sold."
Frightening, but you hit a point where you just don't trust anyone. I'm there and scared to death!
I'll be looking for other responses to this post. I'm interested in the answer. Best of luck.
basically you are agreeing to pay the current loan and then refinance prior to 24 months. He will sign the quit claim deed, meaining he has no right to the home but the debt remains in his name. It states that you are to make the payments and keep up the home and rightfully so you should do this.
I personally would never have signed over the quit claim deed, it basically says I own nothing but owe on it, very stupid of him. If you do not refinance the home, it will be sold and the profits will be yours as he does not legally own the home....he signed the quit claim deed and really you do not even need his signature on the sale of the home as you already have the quit claim deed that basicaly means he does not own the home and has no right to be envolved in the sale of the home or the profits at the time it is sold.
If you fail to make the payments his credit will be effected and the bank will still come after him, afterall he stills owes the bank the money.
Make sure that the quit claim deed is signed by him and notorized or signed by the judge or the quit claim deed is not valid. Once you have that quit claim deed in your hands file it with the county immediately....if he figures out what he has done it will be too late once you file it with the county.
Sounds like you are getting a great deal and he will have let himself wide open for a big mess if you default on your end of the deal.
Well, I definitely don't plan to default on the payments. It's not a large loan, so they're not large payments, so even if something does happen, it's not like it'd be a huge mess that I'm not able to pay. And I do plan to take his name off the loan, and the sooner the better, but I'm told that I need a copy of the recorded deed deleting his name in order to get an assumption of the loan, which is what I'm aiming to do, and in order to do that, I need the quit claim deed.
But that's not what I'm asking. What I'm asking is if he's entitled to any money from the house if I am to sell in twenty-four months? Because we only owned the home jointly for nine months prior to our separation, meaning he put VERY little into the home, and if I pay on it for 24 months (technically 28 months, as I've been here paying by myself for four months already) and actually build up equity on the home (which there is none now), then he shouldn't be entitled to any of that money. Yet it states in the Decree that I will be forced to sell the house in 24 months if I am unable to refinance or assume the loan, but I'd have to do it with him, not by myself. Since he's signing the quit claim, would that make it so he's NOT entitled to any of that money?
He would not be entitled to any of the money from the sale of the home if he signs a quit claim deed and it is filed with the county.
As for being forced to sell in 24 months, this is only to assure that his name is removed from the loan, if you are going to remove it with the refinancing then he will have nothing to say about the sale, only if the loan remians in his name.