Mortgages & Separation

[sammyboy]

What is the name of your state? California.

My spouse and I separated in January of this year. It has been a very amicable separation. For a variety of reasons, we have not filed for divorce, but have begun proceedings for a legal separation. Best case scenaio on legal separation would be 6 months from today (as that's the timeframe here in CA).

In the meantime, I'm looking to buy a house. I have two questions, one pertaining to the deed and one about the mortgage. I beleive I can have my spouse sign a Quit Claim Deed to reliquish interest in the home. An earlier response was posted about Quit Claim Deeds that said,

"The lender will require the signature of the spouse on the deed. Afterwards, the spouse can sign a quit claim deed at closing in order to be removed from it."

This seems odd. Are you saying that even if the spouse is not on the mortgage, and will willingly sign a Quit Claim Deed, that their name still has to be listed on the Deed at closing? It seems a bit risky. What if the spouse changes their mind at closing, and won't sign? Will the deal fall through? I can't buy a house if I think there is any possibility that my ex could claim a stake in the property.

Second, I do not want her name on the mortgage. Are there any special hoops to jump through on this point?

Any help would be greatly appreciated.

Thanks in advance.

 

[MortgageGuru]

There are no special hoops. Just get pre-approved with a lender and go buy a house. You shouldn't have any problem with it. And no, your wife does not have to be on the mortgage.

 

[sammyboy]

Quit Claim Clarification

So,

She doesn't have to be on the Mortgage. That's good.

About the statement, "The lender will require the signature of the spouse on the deed. Afterwards, the spouse can sign a quit claim deed at closing in order to be removed from it."

That's a true statement? The spouse does have to sign the deed and is then removed at closing? What if she refuses to sign? Am I screwed? I just need to be sure.

Thanks.

 

[I AM ALWAYS LIABLE]

What is the name of your state? California.

My spouse and I separated in January of this year. It has been a very amicable separation. For a variety of reasons, we have not filed for divorce, but have begun proceedings for a legal separation. Best case scenaio on legal separation would be 6 months from today (as that's the timeframe here in CA).


MY RESPONSE: What are you talking about? There is no "waiting period" for "Legal Separation" in California. The court's decision in a legal separation case is made by filing the FL-180 form "Judgment." Upon entry of that judgment, the decision of "Legal Separation" takes immediate legal effect; there is no "waiting period."

IAAL