House in foreclosure...Wife owns 50%

[cmwkings]

What is the name of your state?

FL

I am going through a foreclosure and half the house is in my wife's name. However, I have found somebody who is willing to bail me out of this situation so I must get my wife's name off the mortgage. I already spoke to my soon to be ex wife about this situation and she will sign whatever it takes. What documentation do I need to accomplish this ASAP? A notarized copy of her stating she gives up all claim to this property?

Thanks for your time and consideration regarding this matter.

 

[nextwife]

I sure hope you r plan includes PAYING OFF The mortgage and NOT stupidly signing the real estate over while retaining legal liability for the mortgage....in direct violation of the terms of the mortgage.

Have your closing agent from the title company send a presign package to wife about a week before the closing to execute and send back to whichever title company is recording the deed and PAYING OFF the mortgage.

 

[cmwkings]

I sure hope you r plan includes PAYING OFF The mortgage and NOT stupidly signing the real estate over while retaining legal liability for the mortgage....in direct violation of the terms of the mortgage.

Have your closing agent from the title company send a presign package to wife about a week before the closing to execute and send back to whichever title company is recording the deed and PAYING OFF the mortgage.

It's actually nothing like that but I appreciate your comments nonetheless as it enables me to be more clear on my situation. I am essentially getting a loan from a friend of mine for $20K but they will not give me the loan until I obtain 100% ownership of my house (effectively taking my wife off the mortgage). I told my soon to be ex wife and she agrees to sign over her claim to the property. What type of legal documentation do I need to get her off my mortgage? This will give me 100% ownership of the property which I need to get the $20K loan and get my mortgage back on track.

Thanks for your excellent advice and any comments would be greatly appreciated.

 

[nextwife]

The wife can have her executed deed held by the closing agent, to be released simultaneously with the loan by your friend being disbursed and the mortgage being paid off. The friend and the wife can write letters of instruction to the title company outlining what must happen before the deed/ the funds are released by them. Even bettter - their attorneys can write the instruction letters.

 

[nextwife]

The wife can have her executed deed held by the closing agent, to be released simultaneously with the loan by your friend being disbursed and the mortgage being paid off. If she i9s due funds, those must also be sent. The friend and the wife can write letters of instruction to the title company outlining what must happen before the deed/ the funds are released by them. Even better - their attorneys can write the instruction letters.

 

[LindaP777]

This will give me 100% ownership of the property which I need to get the $20K loan and get my mortgage back on track.

Will $20,000 that your friend is loaning you be enough to pay off your current mortgage? (It does not sound like it.)
Your wife should not sign over house to you unless she is released from your current mortgage and your current mortgage holder will not release her (either of you) unless the mortgage is paid off.
And as nextwife said, your lawyers can handle the paperwork for you. This is not a DIYer project!

 

[VeronicaLodge]

this thread is kind of confusing but basically your wife signing over her rights to the property DOES NOT take her off the mortgage, the ONLY way to get her off the mortgage is to refinance in your name only (thus paying off the old mortgage with her on it and having a new mortgage with only you on it).