Legal Question in Real Estate Law in Maine

title

I have a client with tax leins and business leins on himself. But wants to be removed from title on his house with no obligation from that property to be used against him towards these liens. But he understands he is still liable for these liens. Purpose is to put his wife on mortgage note alone and to refinance to help the situation. But with him on mortgage there is no chance of a lender taking this loan with the current leins. Thank you


Asked on 11/07/05, 10:26 am

1 Answer from Attorneys
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

Re: title

If I understand your summary, it appears as though the client may quitclaim his interest in the property to his wife, who will obtain a refinance mortgage to pay off the liens. So long as the transaction is approached in a manner that discloses to both the taxing authorities and the mortgage company that this is a bona fide quitclaim as part of a comprehensive settlement and not a sham, and representatives of these entities are OK with it (as they should be) there is no legal reason why it could not be done. Although lenders usually hire the closing agent, I would be willing to assist as closing agent or just as the client's counsel if needed. Thanks- Jerome Gamache

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Answered on 11/07/05, 11:28 am


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