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P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 33095
Experience:  12+ yrs. of experience including real estate law.
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My wife and I live in illinois .Ireceived a rental property

Customer Question

my wife and I live in illinois .Ireceived a rental property as part of divorce settlement. Her name is ***** ***** deed even thought divorce states house is mine. I did not refinance because of low interest rate. my question is she is currently having financial problems and may lose property she has..Can the bank come back on me and my property since her name is ***** ***** deed even though divorce settlement gives me the house? we have been divorced for a year and a half.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  P. Simmons replied 1 year ago.
Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.
Can you tell me, did not your divorce decree order her to remove her name from the title of that property? If not, what was the plan to get her off the title?
Customer: replied 1 year ago.
No. The plan was to refinance and at that time to have her name removed. However because of tight financial conditions on my part, I have not done that.
Customer: replied 1 year ago.
Are you still there?
Expert:  P. Simmons replied 1 year ago.
Thank you
So what did the decree say...did it require you to refi within a particular timeframe?
Customer: replied 1 year ago.
No, I don't believe there was a time frame to do that.
Expert:  P. Simmons replied 1 year ago.
Thank you
If she is an owner of the property then the bank can seek to foreclose her ownership interest and take her equity in the home if she owes the bank money.
This is true if she is an owner of the property then the bank can seek to foreclose her ownership interest and take her equity in the home if she owes the bank regardless of the decree of divorce.
That said, you do have some options. First, she could quit claim her interest in the property to you. This would be consistent with the decree of divorce. Or, you can comply with the divorce decree and refinance the home. Since there is no time limit you can refinance it anytime. Once you perform the refi her name will be removed from the title.
Now, if the bank were to foreclose the home to seek her equity portion, you could sue her to recover that money. However, this will incur costs on your part (to hire a lawyer and file suit), so perhaps better if you can about this.
Bot***** *****ne: yes, the bank could seek to take her equity in the home if she owes money. If the goal is to prevent this then either have her quit claim her interest to you or refinance the property to remove her name from the deed.
Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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