Legal Question in Real Estate Law in California
Quit Claim entering a divorce
Just filed for divorce from wife of only 9 months. We bought house 1-1/2 years ago when engaged (equal interest). She moved out to live with another man where she lives rent/mortgage free. It sounds like she's about to dump house in my lap and simply stop paying me ANYTHING for her share of mortgage. She knows she's responsible but ''doesn't care'' and knows her credit could get hurt but doesn't care about that either. She told me today she's filing quit claim tomorrow (seemingly at advice of her div. attorney). She also claims our realator says it's in my best interest to sign paperwork with her (do both parties sign??). I refused to sign tonight as I just wasnt' sure. I have div. attorney too but she had told me quit claim does nothing to me essentially. I'm trying to figure out why wife would be so adamant about filing this...what advantage could it possibly give her??? I don't know if I'll end up in foreclosure, short sale, or refy/working with lender so I can keep house on my own. Should I be concerned about this quit calim filing for any reason? We are currently upside down $150k and I can't afford payments without wife's share. Really need good advice on this one! THANK YOU!
3 Answers from Attorneys
Re: Quit Claim entering a divorce
It is impossible to advise anyone about signing "paperwork" without kowing what it covers.
Both parties (grantor and grantee) sometimes sign the deed, but it isn't necessary nor particularly usual.
My hunch is she's maneuvering to avoid credit damage, but not artfully, or to get a better property division. You need a divorce lawyer working for you to run some numbers and projections, and perhaps get a third party real-estate appraiser to give you an unbiased view of how far "underwater" the house is.
Re: Quit Claim entering a divorce
I answered this already. But, I reiterate, if you are upside down $150,000, take the deed and check out www.U1stForeclosureRelief.com
Call me with any questions.
Re: Quit Claim entering a divorce
Why should you sign paperwork with your wife? If she wants to record a quit claim deed, is the deed to you or to the lender? If you are the one she is deeding it to, you need sign nothing and the fact that she quit claims the property will not make one whit of difference if she also signed on the loan documents. If, on the other hand, she is deeding it back to the lender and without any agreement with the lender whereby the lender releases her from the loan, she is an idiot. You need to go see an attorney who knows real property law and take all your documents with you.
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