Legal Question in Family Law in Florida
Last year my sister was divorced. The last remaining asset which husband and wife co-owned for 20 years was the home that is currently under water and has not been sold. They owe more money than the property is worth today in Palm Harbor,FL. The ex-husband has requested via attorney letter that my sister sign over the deed and be released from the mortgage so that he can refinance and own out right.
What is the downside if she were to sign? Since the house is under water, there is no equity, right? What do you think?
1 Answer from Attorneys
How can she be released from the mortgage by the lawyer? She can't.
Think of it this way: everyone wants a house without a mortgage, right? If she signs over the deed, she won't own the house any more (she signed it over to him), but she'll still have the mortgage in her name.
She'll have a mortgage without a house. That's the opposite of what everybody wants!
If the house doesn't get refinanced, she'll be stuck. She may not be able to get a new house (because she has the old mortgage in her name), yet she won't own any of her old house. It's the worst possible thing she can do.
She needs to tell the lawyer that she will quitclaim the house over to the ex-husband at the clsoing on the refinancing.
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