Ex wifw wants Quit Claim

[wolfthing2000]

Oregon

My ex and I have been divorced for over 2 years. We have a piece of property that the judge gave me exclusive use. The note on the property is held by her mother who we made payments to. The judge ordered her to "keep the property from foreclosure". She has since the divorce never made payments.

I mentioned to her that I would think it might be easier to give it to her and release me from the liability by removing my name from the contract with her mother.

She sent a letter and suggests a "quit claim".

What could that mean and how should this work just to give it to her and release my financial responsibility??

 

[Zigner]

Oregon

My ex and I have been divorced for over 2 years. We have a piece of property that the judge gave me exclusive use. The note on the property is held by her mother who we made payments to. The judge ordered her to "keep the property from foreclosure". She has since the divorce never made payments.

I mentioned to her that I would think it might be easier to give it to her and release me from the liability by removing my name from the contract with her mother.

She sent a letter and suggests a "quit claim".

What could that mean and how should this work just to give it to her and release my financial responsibility??

A quit-claim removes you from the deed - not from the note.

 

[wolfthing2000]

so how would it have to be done to be removed from deed and note?

 

[FarmerJ]

Quit claim doesnt remove one party from mortgages , if the person who is going to keep the property refinances they are able to then buy other person out , loan would be in one name and then other persons legal interest is gone. Doing just a quit claim alone when there is a mortage leaves the party who gave the quit claim at risk that the other can still end up in foreclosure leaving both names who signed original mortgage on the hook.

 

[latigo]

Oregon

My ex and I have been divorced for over 2 years. We have a piece of property that the judge gave me exclusive use. The note on the property is held by her mother who we made payments to. The judge ordered her to "keep the property from foreclosure". She has since the divorce never made payments.

I mentioned to her that I would think it might be easier to give it to her and release me from the liability by removing my name from the contract with her mother.

She sent a letter and suggests a "quit claim". What could that mean and how should this work just to give it to her and release my financial responsibility??

It is unclear from your posting as to either the nature of you or your ex-wife’s interest in the property at the time of the divorce or the security interest held by her mother.

Also left unstated is whether or not this “note” you say that her mother is holding bears your signature. Hence it would not be safe for you to react in response to the ex-wife’s request without presenting these issues to a qualified attorney.

An attorney that you obviously didn’t employ during the divorce or this thing would not have come down as it did leaving you and your ex in such a legal nightmarish position of ownership – co-tenants!

If you want to know my reasoning for saying that the decree created a legal nightmare by distributing the real property equally, I'll be happy to explain.

 

[wolfthing2000]

There were 2 properties. One was 5 acres bare land joint owned on mortgages. the residence property I live in and it was purchased by ex mother inlaw and she holds the note with ex wife and me owing.

The judge ordered both properties sold and we split assets( good luck in this economy).

I was ordered to keep the 5 acres out of foreclosure.

I am living in the residence property since the ex wife was removed by police after violence. I had to get a restraining order.

The judge gave me exclusive use of the residence property.

My ex was ordered to keep it out of foreclosure.

The bare land has sold. Just a few weeks ago. That's when she proposed the quit claim on the residence property.

I would leave gladly, but I want no further financial responsibility to the ex mother in law.

 

[LizzieB]

Ok... so from what I understand, your ex-mother in law holds the note with presumably the bank?

You, in effect would be the xmil's tenant, right?

XMIL is responsible for the repayment of the loan(s). If the property is foreclosed on it's her problem.

I just can't see where you have any real liability for the loan. Sure you're on the deed, but not the note.

Stay put. I would definitely not do a quit claim. Sounds like they want you out and take over the property. Once you quit claim, the XMIL could miraculously make up the payments and you're on the street.

 

[wolfthing2000]

ex mother in law purchased the property outright.

the judge stated to ex**************....so this is part of your inheritance? that's what based his decision.

The note is money owed to ex Mother in law.

 

[wolfthing2000]

The divorce was 3 years ago this month. after the divorce about 6 months the ex MIL called default on loan and payment in full.
My lawyer sent a letter to her attorney and derailed it.He reminded them of the judgement of final decree and it would put the ex MILs daughter in contempt. He also stated that it had the appearance of an arranged foreclosure.

 

[LizzieB]

The divorce was 3 years ago this month. after the divorce about 6 months the ex MIL called default on loan and payment in full.
My lawyer sent a letter to her attorney and derailed it.He reminded them of the judgement of final decree and it would put the ex MILs daughter in contempt. He also stated that it had the appearance of an arranged foreclosure.

Ok... so if I understand correctly, the XMIL owns the property free and clear of encumbrances. YOU and YOUR EX have a note with your XMIL? YOUR EX has not paid her mother. That means YOU are responsible for repayment.

Why not have your ex quit claim the property to you and you continue to make the payments? In fact, why not refinance, pay your XMIL off and they are out of your life?

If you quit claim the property to your ex, you're still on the hook for re-payment. If the XMIL doesn't demand repayment from you, then she and your ex have the property free and clear.

Good move on their part. Mom owns the place outright... kicks you out, daughter moves in and life in their world is good. They not only have you out of their lives, but out of their house as well.

 

[wolfthing2000]

So they think