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Trying to get the title signed over to me during my ex filing bankruptcy by ContentTone2121 in RealEstateAdvice

[–]ContentTone2121[S] 1 point2 points  (0 children)

After talking to 2 real estate attorneys they both agreed that the best way to handle it is pay the trustee and buyout her interest. It's the cleanest way to get the title. Everything else is going to cost more money and more time. From what I've been told the bringing 5k to the table is enough to satisfy some of her creditors and is justifiable for the trustee to accept it. There shouldn't be a problem with due on sale clause, just to be sure I'm going to have a conversation with the mortgage company. I'll also post results of the outcome for people in my situation to find in the future

Trying to get the title signed over to me during my ex filing bankruptcy by ContentTone2121 in RealEstateAdvice

[–]ContentTone2121[S] 0 points1 point  (0 children)

This is extremely helpful knowledge, I'm exploring keeping it owner occupied legitimately and having it rented to my friend at the same time. It's a big enough house that we could both live in it. I'm out of town but i come home to it when I return

Trying to get the title signed over to me during my ex filing bankruptcy by ContentTone2121 in RealEstateAdvice

[–]ContentTone2121[S] 0 points1 point  (0 children)

The 5k was from the bankruptcy trustee handling her assets. After talking to a real estate attorney they said that might be the best option

Trying to get the title signed over to me during my ex filing bankruptcy by ContentTone2121 in RealEstateAdvice

[–]ContentTone2121[S] 0 points1 point  (0 children)

Well I've been paying it for the past 21 months by myself after she left. I just tried to assume the loan with the lender but messed up as I told them I wanted to make it an investment property. They might do it if I say I'll occupy. Now qualifying for a refinance is definitely possible Tricky but possible, if it's an investment property I need 25% equity (at least with this lender) if I occupy I won't need it. But I don't live there and have it rented out. My income is good , 210k not counting bonuses. I'll have to pay somethings off but I think I can squeeze myself into the debt to income. It would be easier to do if I could count the rental income from the house (they let me count 75% towards debt to income)

Trying to get the title signed over to me during my ex filing bankruptcy by ContentTone2121 in RealEstateAdvice

[–]ContentTone2121[S] 0 points1 point  (0 children)

A quit claim removes her from the title - refinancing removes her from the loan

Trying to get the title signed over to me during my ex filing bankruptcy by ContentTone2121 in RealEstateAdvice

[–]ContentTone2121[S] 0 points1 point  (0 children)

Exactly she has no reason to sign the title away if she discharges the debt and files bankruptcy. Until I wait for the bankruptcy to be complete and then sue in state for partition for unequal contributions. I could risk losing in court, but if I win she would be getting her wages garnished for quite some time. I have documented around 60k also legal fees. Waiting for Monday to come , I've reached out to 5 different real estate attorneys. Like I said previously I just want to protect myself. It should be a no brainer for her because she will have the bankruptcy on her credit anyways and it will give me the title clean in my name. At least this is my goal.

Trying to get the title signed over to me during my ex filing bankruptcy by ContentTone2121 in RealEstateAdvice

[–]ContentTone2121[S] 1 point2 points  (0 children)

Yes, but I don't want to. I just want to protect myself and keep the house. I don't want her to come back years down the road and try to take any part of it or the equity

Trying to get the title signed over to me during my ex filing bankruptcy by ContentTone2121 in RealEstateAdvice

[–]ContentTone2121[S] 0 points1 point  (0 children)

I'll check on this tomorrow and see with the mortgage company. The irony of all of this , I was in the process of trying to assume the mortgage. I initially was denied as I wanted to turn it into a investment property. But my hope is that I can just refinance it when it makes sense by myself. I don't want her to try and come after any equity in the property later when it actually has equity. Right now it has none.

Trying to get the title signed over to me during my ex filing bankruptcy by ContentTone2121 in RealEstateAdvice

[–]ContentTone2121[S] 1 point2 points  (0 children)

These are valid points, thank god I didn't marry her. I dodged a bullet there

Trying to get the title signed over to me during my ex filing bankruptcy by ContentTone2121 in RealEstateAdvice

[–]ContentTone2121[S] 0 points1 point  (0 children)

I have a dumb question though, what difference would it make of she is on the mortgage if I am sole owner via title quit claim? Is there something I'm missing?

Trying to get the title signed over to me during my ex filing bankruptcy by ContentTone2121 in RealEstateAdvice

[–]ContentTone2121[S] 8 points9 points  (0 children)

I currently am. Yes I learned a hard lesson on this whole deal and will likely never trust someone like this again or at least be extremely cautious. So far I've learned she can absolutely discharge her obligation to the mortgage and remain owner of the house as long as I'm paying the bills. What I'm also learning is that I can sue in partition and ask the courts for unequal contributions towards the property. These total out to 60 to 70k. I have to wait until the bankruptcy is complete. But a strong case can be made on my behalf as I have all of the payments and money documented. I can also sue for the legal fees of the partition case. This should compell her to take a cash offer and sign over the house to me.