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Started By
Message
Real Estate/Legal Question
Posted on 3/9/16 at 2:46 pm
Posted on 3/9/16 at 2:46 pm
Person A and Person B are engaged. They decide to buy land together. Fast forward a year. They separate before the marriage.
Person A wants their name off of the loans, deed, everything. Person A is ready to move on. Person A contacts the courthouse, only to be told that their name is not on the deed to the land. Only Person B is on the deed (when both were supposed to be).
Person A contacts the bank from which they got the loan so they are no longer being billed. Bank refuses to take Person A's name off of the loan unless Person B agrees to refinance. Person B refuses to refinance because as it is, Person B has all the rights to the property to the deed, while Person A still has to pay on the land.
What are the options for Person A in this scenario? They are currently looking for an attorney who specializes in property/real estate.
Thanks. Serious replies only! I do not need to be criticized and/or laughed at because I am neither Person A or B...these are people that I know and am not related to.
Person A wants their name off of the loans, deed, everything. Person A is ready to move on. Person A contacts the courthouse, only to be told that their name is not on the deed to the land. Only Person B is on the deed (when both were supposed to be).
Person A contacts the bank from which they got the loan so they are no longer being billed. Bank refuses to take Person A's name off of the loan unless Person B agrees to refinance. Person B refuses to refinance because as it is, Person B has all the rights to the property to the deed, while Person A still has to pay on the land.
What are the options for Person A in this scenario? They are currently looking for an attorney who specializes in property/real estate.
Thanks. Serious replies only! I do not need to be criticized and/or laughed at because I am neither Person A or B...these are people that I know and am not related to.
6
Posted on 3/9/16 at 2:58 pm to NWLATigerFan12
begin at the beginning: what state?
Posted on 3/9/16 at 3:00 pm to hungryone
quote:
begin at the beginning: what state?
property laws are all over the place depending on what state you live in. This is a huge part of the equation
Posted on 3/9/16 at 3:11 pm to HYDRebs
Texas
Posted on 3/9/16 at 3:22 pm to NWLATigerFan12
the bank will not just take person A off without a refi, as they qualified (according to you story) with both of them.
If it was originally supposed to be recorded with both on title, I would start there. If you have the original loan docs, the vesting of how title was to be held should be in there. It seems person B is using their leverage because they can, and wont cooperate because of this. If person A can get this corrected, and get their name back on title as it should have been, person B losses their leverage, and the situation changes. If the loan closed and person A was not to be put on title according to those docs, they might be at the mercy of Person B.
If it was originally supposed to be recorded with both on title, I would start there. If you have the original loan docs, the vesting of how title was to be held should be in there. It seems person B is using their leverage because they can, and wont cooperate because of this. If person A can get this corrected, and get their name back on title as it should have been, person B losses their leverage, and the situation changes. If the loan closed and person A was not to be put on title according to those docs, they might be at the mercy of Person B.
Posted on 3/9/16 at 3:45 pm to Helmethead
Sounds like person A was not put on the Deed due to an error (unless that was agreed upon in the loan). Some sort of act of correction may be available to correct the incorrect Deed.
Posted on 3/9/16 at 4:13 pm to NWLATigerFan12
quote:
They are currently looking for an attorney who specializes in property/real estate.
they need to call the attorney that did the closing (if there was one) and have him cure title. I would imagine title insurance would cover atty fees if you had to hire one. Out of my wheelhouse and this is not legal advice.
Posted on 3/9/16 at 4:20 pm to NWLATigerFan12
Person A should have paid closer attention to what he/she was signing at the time of closing. It's also possible that the closing attorney screwed up and may have some liability.
Posted on 3/9/16 at 4:52 pm to Layabout
Person A needs to get a lawyer to draw up a document that says that B is financially responsible for the loan. This can be given to the mortgage company and A can use it to show it isn't on her credit if any issues show in the future. If B refuses, tell them they will be taken to court over it. Both A and B are idiots for doing something like this before the marriage.
Posted on 3/9/16 at 5:06 pm to Kingwood Tiger
quote:
Person A needs to get a lawyer to draw up a document that says that B is financially responsible for the loan. This can be given to the mortgage company and A can use it to show it isn't on her credit if any issues show in the future. If B refuses, tell them they will be taken to court over it.
That document would be worthless b/c (as has already been stated), the loan is between A, B and the bank. Since the bank didn't agree to this new 'document' it is worthless.
This post was edited on 3/10/16 at 9:15 am
Posted on 3/9/16 at 5:58 pm to MikeBRLA
Person A needs to talk to Title company that closed on real estate to see why they weren't added? If on purpose by B, could be some criminal or at least civil suit possible?
Person A has leverage in that their only loss here is credit score if they don't pay the loan. I wouldn't pay to force Person B into making a decision, not paying for a couple months is not going to hurt you very badly.
I'm not real familiar with loans, but I'd also double check the mortgage. Would the loan not be different if only 1 was on the deed and not both? I would think instead of a joint mortgage it would be a single person mortgage with a co-signer?
Sounds to me like Person A is the women and extremely ignorant here, just an aside.
Person A has leverage in that their only loss here is credit score if they don't pay the loan. I wouldn't pay to force Person B into making a decision, not paying for a couple months is not going to hurt you very badly.
I'm not real familiar with loans, but I'd also double check the mortgage. Would the loan not be different if only 1 was on the deed and not both? I would think instead of a joint mortgage it would be a single person mortgage with a co-signer?
Sounds to me like Person A is the women and extremely ignorant here, just an aside.
This post was edited on 3/9/16 at 6:00 pm
Posted on 3/9/16 at 10:16 pm to NWLATigerFan12
Contact the title company that was used. Did Person A not sign anything at closing and was not present?? There should be a very long paper trail with both signatures if in fact that both person was suppose to be on the deed and bank loan.
Person B could execute and record a quitclaim deed granting a co-ownership interest in the property to the person A.
Getting A back on the deed just to turn around and get back off is senseless (if A just wants to move on) and may be a costly endeavor if A was some how at fault.
Regardless, the bank still has A by the balls. If B is not cooperating, A may just need to take it up the arse and tell B that they will pay for all the refinance cost and be done with it.
Person B could execute and record a quitclaim deed granting a co-ownership interest in the property to the person A.
Getting A back on the deed just to turn around and get back off is senseless (if A just wants to move on) and may be a costly endeavor if A was some how at fault.
Regardless, the bank still has A by the balls. If B is not cooperating, A may just need to take it up the arse and tell B that they will pay for all the refinance cost and be done with it.
Posted on 3/10/16 at 8:01 am to Odinson
Person A is beta as heck, and needs to grow some balls. This is what I'd do. If I needed a new car in under 5 years, I'd go buy one now while I had good credit.
Then I'd tell Person B they can go screw themselves with the loan. Person A has nothing to lose but credit score here. Just don't pay and force a foreclosure if necessary. Person B has the property and credit, make them pay for everything
Then I'd tell Person B they can go screw themselves with the loan. Person A has nothing to lose but credit score here. Just don't pay and force a foreclosure if necessary. Person B has the property and credit, make them pay for everything
Posted on 3/10/16 at 8:30 am to NWLATigerFan12
I'd start with calling the attorney who did the closing on the land and explaining the situation to them.
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