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Old 11-01-2013, 11:06 PM
 
835 posts, read 2,585,444 times
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As a follow up to my original post that was moved to a country-wide real estate/mortgages forum, what are the laws IN NC concerning a quitclaim deed or is this the same as an assumption but just called something different?

My husband is in full agreement to be released from the loan and deed so I don't believe the community property law will be an issue.


Original post

Hi,

Wondering if anyone might be able to offer some help. My husband and I have been separated for 7 months. He has agreed to allow me to assume the marital home, releasing him from the loan and deed. I have filled out the assumption application, which will need to be signed by a judge. How would we go about doing that? Will we have to hire an attorney? We have a separation agreement, which was signed by a notary but not by a judge. Can we do this without being divorced? Thanks!
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Old 11-01-2013, 11:22 PM
 
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Is his name off the mortgage..The mortgage company controls that..After that quitclaim is done..

Most people do not want to give up rights by quitclaim until their name is off mortgage..
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Old 11-02-2013, 05:12 AM
 
Location: Phoenix, AZ > Raleigh, NC
15,027 posts, read 18,903,891 times
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No matter how many times you ask this question, The advice remains the same. You need a lawyer. Your husband needs his own lawyer. Divorce between a couple who have assets and debts is not a DIY project.

Protect yourself and get proper legal advice.
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Old 11-02-2013, 07:12 AM
 
Location: Wake Forest, NC
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There is only 1 way to seperate any debt when 2 people originally took on the debt- mortgage, car loan, credit card etc... and that is to refinance it into the persons name who has agreed to keep it- Period.

The divorce agreement DOES NOT supercede existing debt obligations- don't fall into this trap as many people do.
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Old 11-02-2013, 07:13 AM
 
9,198 posts, read 21,847,036 times
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A quitclaim deed is just a form of transfer of title (essentially "as is," with no warranties as to quality of title). It has nothing to do with the loan/mortgage.
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Old 11-02-2013, 07:38 AM
 
Location: My House
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You'll have to refi the house in your name to get him off the mortgage. The title is straightforward. You need a lawyer.
__________________
When in doubt, check it out: FAQ
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Old 11-02-2013, 08:15 AM
 
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Ok, thanks everyone.
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Old 11-15-2013, 01:44 PM
 
Location: Apex, NC
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I did an assumption on my mortgage (with title transfer) aftermy divorce. I’m not sure how it would be different, but in a nutshell, here is how it went down:
I received a very large assumption package from my mortgage company / bank (Wells Fargo). I had to provide them a copy of my separation agreement and divorce paperwork. The division of assets was not listed on our paperwork, so they just had us sign a document that said I wanted to assume the mortgage in full and release him from any liability. It was not a refinance. It had all of the paperwork nightmares of a refinance, without the appraisal. However, as far as the assumption went, they didn’t require any documentation from a judge. My ex-husband and I simply drew up our own agreement and had it notarized.
The bank checked my credit, checked my assets (savings account, mainly), and verified my employment to ensure I could handle the mortgage payment alone (I was already paying it alone for years!). I also had to show proof of payment on HOA fees, and change over the homeowner’s insurance to solely my name before they would finalize the assumption. In the end, a representative from the bank (we let them choose the company – I think the woman was a notary?) came to my house to close the assumption. My ex-husband and I signed everything in about twenty minutes and she stamped it. It was filed with Wake County and my information was updated with them (deed / title / tax) in about two weeks. The assumption (once the paperwork was signed) with the bank was effective immediately.
All in all, it took about six months to get everything together.No lawyer, no judge, just a big do-it-yourself pain in the butt. J
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Old 11-18-2013, 07:22 AM
 
835 posts, read 2,585,444 times
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Thank you, IHeartApex,

I found out that the person I spoke to at Wells Fargo was giving generalized information, not specific to NC laws. I spoke to a lawyer through a one-time free call who said because a separation agreement in NC does not require a judge's signature, there would be no reason for WF to require one. So I called WF back and they said once the application was submitted it would be processed according to the laws in whatever state. So I sent it off with all the required documents and am hoping for the best. Will update once I hear back.
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Old 12-09-2013, 10:18 AM
 
835 posts, read 2,585,444 times
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Default Update

Everything seems to be coming along. I received the welcome packet with an estimated closing of March 2014. Closing costs are estimated to be about $1000 and cannot be rolled into loan which is a little disheartening since I was quoted around $750 but willing to sacrifice the extra to get the house in my name only.

IHeartApex, regarding homeowners insurance, was it previously in both your names? How did you go about getting it in just your name? Not sure if I will need to purchase separate insurance in just my name or just call the insurance company. It seems they would not drop my husband's name if he is still on the loan, but the assumption won't be approved until the insurance is in just my name. Seems like a catch 22.

Thanks!
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