I am getting a divorce and want to keep the house. Problem is that my husband is on the loan and I am not. We live in WA which is a community property state and we purchased the house after we were married. He made more money than I did and so the house is in his name. Can he quitclaim the house to me or will I have to talk to bank and requalify? I don't make enough money to qualify on my own, but plan on renting 1 or 2 rooms out. What are my options?
I am sorry that your marriage did not work out. You are correct in that you will need to refinace in order to remove his name from the mortgage, however you may be able to get divorced and put a provision in the separation agreement that you will have a sum certain period of time to continue to request refinancing and he may agree to that, it depends upon how you two are getting along. Take care and good luck.
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The court can do three things with the home. You get it, he gets it or it gets sold. The court is reluctant to order it sold if one of the parties wants the home and has a viable plan to pay the obligations. Renters is a viable plan. However, you also have to figure out a way to refinance his name off the loan. It is possible and happens that the court will give a year or two for you to get stabilized to refinance. For instance, the decree might say something like you have to make a good faith effort to refinance by 12/2014 or the home will be sold. There is even more flexibility if the agreement is between the parties. You and your soon to be ex can agree on how to approach this problem and that is also reasonable.
If there is no agreement as to the house, the court has the authority to order that the house be sold and any residual equity be divided up in a fair, just and equitable manner. The court is obliged to divide all property at the time the final papers are signed so it is very dangerous to leave an asset in doubt. Yes he can quitclaim the house to you but he will probably want his share of his interest in the house. If you do not have an attorney, you need one to resolve this issue. Property division and the application of community property law can be quire complex. As I said, under the law a court has an obligation to divide all property, both community and separate, in a fair just and equitable manner. Property division and debt assignment that is unbalanced or favors one party of often taken up tot eh Court Of Appeals on assignment of error.
The information is for general information purposes only. Nothing stated above should be taken as legal advice for any individual case or situation.
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