Gentleman is married 20 yrs but seperated for five. Man borrows a large sum of money from another individual and cannot repay. Man wants to repay his dept by offering a quick claim deed for his half of the property owned by he and his estranged wife. Is this legal?
Hello Snoots 51,
This is legal, but "workable" I'm not sure. A Quit Claim deed would be deeding over his interest in the property, no matter what that interest is. As we sit here, we don't know what that interest is. If he owns the property with his wife as tenants in common, he owns a straight one-half, like it was divided down the middle. But that is not the usual way. If they are joint tenants, he and his wife own the whole thing, and there is no particular division. Are there liens against it? Is she going to be awarded the house in the divorce, making his part "moot"?
Too many questions in this transaction and I would not go for a deal like this. However, he could sign a promissory note for $___ to be paid when he gets his money from the house, or by a certain date.
Again, it's legal, but not very reasonable, in my opinion.
Reply to dkennedy's Post: Divorce proceedings have not yet begun. The house still is mortgaged. There are no leins or children in the marriage. Should the quick claim deed be obtained before any action is taken for divorce proceedings?
I agree with Mr. Kennedy's response. There is a huge question about whether this transfer would be effective for any purpose. While it is possible to deed the husband's interest, the person who receives the deed would be subject to the wife's claims and the mortgage (unless the wife also signed the deed, then they would only be subject to the mortgage). There might be nothing going to this person in the event of a divorce.While a quit claim may be effective to transfer the husband's interest, at this point it isn't clear what the husband's interest is until the divorce is completed. Even then, a simple quit claim would be subject to the mortgage unless the mortgage was paid off or refinanced.A refinance may be a better option to pay off debt if possible.
The gentleman borrowed 50,000. Would it be better for the person who loaned the money to lein against the property so in the event it's sold the moneys would have to be repaid?
A voluntary lien on the property may be better, however, in a divorce, the spouse would likely be awarded compensation for the encumberance.
So, securing a lein may or may not be beneficial? Would any of the moneys be recovered once joint holdings are divided? Is this person going to be out for the entire sum of 50,000? Not good news. Any suggestions? Just a little good news!!!
Would the wife be willing to sign the lien?
Reply to CALawyer's Post: Sorry I didn't reply again that evening. I went to sleep and no, she would not be willing to sign the lein. Wife is living with another man at this time and feels that no equity earned should be shared with the estranged husband. However, I am out 50G and am looking for a way to recover either now or when divorce proceeding take place or house is sold. Any suggestions?
Gentleman has lived in my home with me for three years and recently recieved a settlement for comp claim. Gentleman signed the checks and so did I and deposited them into a joint account. After checks cleared do either of us has the right to dispose of the monies as we so choose as I have done so and asked the man to leave. I gave him transportation, a 50,000 buisness and 5,000 in cash from this settlement. Does he have legal recourse?
How muchs is the deposit?
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