Help please

[nouna]

Re

I've just searched website regarding the quitclaim deed for you. There is one paper in the following address
http://www.azcentral.com/home/hb101/articles/0522combs22.html
So your husband is quite kind to you. Your husband has transferred 50% of the porperty title which he has owned(the equity) to you, but he is still reliable to pay the whole mortgage.

Thank you for the link .it was helpful .but I made a search on this web site and I found out that with quitclaim deed I have no warranties .

I think that as my name is not on the morgtage then the quitclaim deed is useless . I have only my name on the house title but financilly I have no rights at all .


please read : (quitclaim deed)

deed which transfers whatever interest the maker of the deed may have in the particular parcel of land. A quit claim deed is often given to clear the title when the grantor's interest in a property is questionable. By accepting such a deed the buyer assumes all the risks. Such a deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has.
www.bmort.com/MortDict.html

A conveyance which releases any interest the conveying party may have in a property without any warranty as to that party's claim.
www.websiteupgrades.com/glossary/free/Q.shtm

A quit claim deed conveys only the grantor’s rights in the property without disclosing the nature of the rights and with no warranties of ownership. A deed by which the grantor releases to the grantee any interest or title in the property which the grantor possesses. Example – In the case of a divorce. If Mrs. is granted the house in the settlement Mr. will sign a quit claim deed removing him from title to the house. Leaving Mrs. the only vested owner.
www.financeadvocate.com/Dictionary/q.htm

 

[seniorjudge]

I think that as my name is not on the morgtage then the quitclaim deed is useless

You think wrong.

 

[nouna]

Re

Glad to know that

 

[lnghng]

A quit claim deed conveys only the grantor’s rights in the property without disclosing the nature of the rights and with no warranties of ownership.

That means Quitclaim deed only transfers what the person really has to you. If the person doesn't own the property, such as he has already used the equity of the property to borrow money, or there is other lien against the property, though the quitclaim deed claims that you owned the property, you own nothing.

In the "Other real estate law question" forum, it actually has a lot of discussion regarding quitclaim deed.

 

[nouna]

(though the quitclaim deed claims that you owned the property, you own nothing.)

Exactly Inghng .

In my understanding even though I am sharing the house property with the husband by Quitclaim deed but Basicly There will be always legal methodes he can use to stop me from getting half of the house value (in case of divorce ,seperation ....etc)

 

[lnghng]

No. You are wrong. Unless the property title was not belong to him before your husband transferred the title to you, otherwise you have already received the 50% of the equity, which is the total house value minus the loan your husband owed to the bank.

After that transfer, if he wanted to used the equity of the porperty to borrow money, the new lender will search the porperty title and it will show that he only owns 50% of the equity. Thus lender won't lend him money without your signature. However, he is the only person liable to pay off the loan.

I really think your husband is very very nice to you. Most people won't do so.

 

[nouna]

Thank you

Now I am more clear about my legal situation . Thank you for your great information . . It was super helpfull .
Wish you all the best .
Nouna

 

[seniorjudge]

Now I am more clear about my legal situation . Thank you for your great information . . It was super helpfull .
Wish you all the best .
Nouna

You're welcome....