How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33761
Experience:  15 years real estate, Realtor. Landlord 26 years
19958803
Type Your Real Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

I have a property in which it was quit claimed over to my

Customer Question

I have a property in which it was quit claimed over to my ex-wife as part of the divorce settlement. Likewise, another property was quit claimed over to me. The mortgages were never touched, therefore, both names remained on the mortgage. She is now selling her property and is behind three months. I was told that since I am still on the mortgage, that half of the proceeds would still go to me even though I am not the owner. Houses are in Georgia. Is this true?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

.

No that is not correct. It is the owner of the property who receives any proceeds from the sale of that property. The owner is established by who is on the deed to the property. If you quitclaimed your interest over to her, she is the sole owner and would receive any proceeds of the sale once the mortgage and any other debts or liens had been paid off that were on the property.

.

The mortgage doesn't have anything to do with who receives the funds from a sale. It only establishes who is legally liable to pay the debt back to the bank.

.

.

thanks

Barrister

Customer: replied 1 year ago.
To confirm, being on the title has nothing to do with it?
Expert:  Barrister replied 1 year ago.

Yes, being on the deed (title) determines who is the owner of a piece of property. It is the deed or title that says who owns it and how they own it (i.e. joint tenants, tenants in common, sole ownership, etc.). But a mortgage doesn't necessarily have anything to do with the deed/title. That is just the contract that says that a piece of property was put up as collateral for a loan by the owner, whoever that is, and that A and B have agreed to repay that money or the bank can foreclose on the property and sell it.

.

Being on the mortgage and being on the title/deed are two completely different things. You can be stuck on the mortgage and not have any ownership interest in the property at all and this is normally what happens when people divorce and they don't just sell any real estate that they purchased. One person ends up with sole ownership, as evidenced by one spouse quitclaim deeding their ownership over to the other spouse but they both are on the mortgage and responsible to pay it off.

.

So if you both quitclaimed property over to the other person, that person owns the property entirely on their own now. But you both are still legally obligated to pay the mortgages on both properties unless they are sold or refinanced in the sole owner's name.

.

.

thanks

Barrister

Related Real Estate Law Questions