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Mudkat
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Reged: 06/16/06
Posts: 36
HELP? Can MEDIATOR take STBX off TITLE??
      #118657 - 06/18/06 07:43 PM


Would a mediator be able to remove STBX from our home's title in divorce agreement????

My husband of 8 years and I have been physically separated for over 2 years. We have no kids. Neither of us has done anything yet, no lawyers no nothing. He makes $60K a year and I haven't worked in a few years but I can go back to work. He says he wants an easy out, and that if my parents wanted to give him $20,000 now or soon (my parents are well-off, I don't have the $$$) he will sign everything (house) over to me IF I do not go for any alimony OR part of his 401K. I've been told that I probably wouldn't get much alimony if anything because I am able to work.

Our home is roughly worth between $340,000 and $400,000. We are refinancing to consolidate our debt and we'd get a little cash back to a TOTAL refinance/consolidation loan of about $210,000, so he could buy a work truck now (he needs one very badly). (This would be unrelated to the $20K we would give him now to walk.)

BOTH of our names are on the title now. Do you have to refinance to remove someone from TITLE???

So for $20K his name would be removed from the title and mine would remain, or mine and my parents since they gifted us the down payment of $40K in '99 when we bought the home. When he offered this to me (me give him $20K to walk now) my jaw dropped. He wants no part in any legal matters. I want to be fair, told him that he had more coming to him if we sold the house, but he insists he doesn't care and I think he just wants my parents and I to deal with the clean-up and sale (or renting) of the house...

Can a MEDIATOR write the paperwork out for me (with Mom's $ help) to pay STBX $20K to have him REMOVED from the title under agreement that I would not go for any alimony or future support? We've already decided who gets what as far as our possessions, etc. Can this be put in the divorce settlement by a mediator, and that he gives up any interest in the property... ? How would this work? Could my Mom's name then be put on as the co-owner and onto the title of the house?

AND - With no job are they even going to allow me to hold title on our home alone? Or would my parents NEED to be added? And should I do it? Any advise is very appreciated, thanks. Kate


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Buckeye
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Re: HELP? Can MEDIATOR take STBX off TITLE?? [Re: Mudkat]
      #118702 - 06/19/06 06:16 AM

Mediator can't remove STBX from home's title. You need a lawyer to do that. Even a judge can't remove STBX from home's title. Both can say that he needs to be removed BUT they can't do it themselves.

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MamaKitty
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Reged: 01/30/06
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Re: HELP? Can MEDIATOR take STBX off TITLE?? [Re: Buckeye]
      #119047 - 06/20/06 07:29 AM

I think you are doing the math wrong. You don't split the VALUE of the home, you split whatever equity has built up. You also split the debt.
Buying him a new truck now, instead of letting him buy his own later, out of your settlement isn't smart. Why should you split half the debt of a new truck for him, which is what the refi would do? Why can't he buy himself a truck later?

How much is his 401k? How much is yours, if any? How much debt is owed on the house? What bills are being consolidated?

If a deal sounds too good to be true, it usually is. I'm guessing that while it's being presented to you as such, the math is not being done correctly.

Nobody can have their name taken 'off' a deed/title/mortgage debt, otherwise, people would do it all the time to get out of responsibility. The house has to be sold in order to change ownership. Refinanced in your/parents name.
A mediator can't do that.

c


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Mudkat
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Reged: 06/16/06
Posts: 36
Re: HELP? Can MEDIATOR take STBX off TITLE?? [Re: MamaKitty]
      #119204 - 06/20/06 07:31 PM

Mamakitty,

Thanks.
Our mortgage is $141K, with equity loan of $30K. Creditcard Debt of $24K. Credit card bills of $25 included in the total $195 of what we owe. (incl. $18K to A major VISA card)
I am 39 years old, he is 38. He makes $60K, I don't work and haven't for quite some time and I have no pension / 401K of my own.
Been married 8 years, separated for 2. WE HAVE NO KIDS.
His 401K is worth total of $22K. He has no pension plans.

Yes I guess you're right Mamakitty. My mom would be writing him a check for $20K but then I would be responsible for selling the home. My parents think it's too much for me to try to keep it and rent my rooms out. A lawyer today told me if he is offering this now I should get a MSA immediately and for $1000 she would file the paperwork and serve him. It would be him walking for $20K (my mom's check) in leu of me NOT going for ANY alimony OR any of his 401K.
Sheesh!!! -- how I'd like to keep my house I know I can get $500 per room if I rented out two of my three bedrooms. Help I really want to keep my house!
I was told today that I can't refinance in parents name unless they have a vested interest in the house... yikes! Is this true?
Thanks for all your help. This is hard... and scarey!
Kate


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Mudkat
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Reged: 06/16/06
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Re: HELP? Can MEDIATOR take STBX off TITLE?? [Re: Mudkat]
      #119205 - 06/20/06 07:32 PM

Mamakitty,

Thanks.
Our mortgage is $141K, with equity loan of $30K. Creditcard Debt of $24K. Credit card bills of $25K included in the TOTAL $195 of what we owe. (incl. $18K to A major VISA card)
I am 39 years old, he is 38. He makes $60K, I don't work and haven't for quite some time and I have no pension / 401K of my own.
Been married 8 years, separated for 2. WE HAVE NO KIDS.
His 401K is worth total of $22K. He has no pension plans.

Yes I guess you're right Mamakitty. My mom would be writing him a check for $20K but then I would be responsible for selling the home. My parents think it's too much for me to try to keep it and rent my rooms out. A lawyer today told me if he is offering this now I should get a MSA immediately and for $1000 she would file the paperwork and serve him. It would be him walking for $20K (my mom's check) in leu of me NOT going for ANY alimony OR any of his 401K.
Sheesh!!! -- how I'd like to keep my house I know I can get $500 per room if I rented out two of my three bedrooms. Help I really want to keep my house!
I was told today that I can't refinance in parents name unless they have a vested interest in the house... yikes! Is this true?
Thanks for all your help. This is hard... and scarey!
Kate


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Maury
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Re: HELP? Can MEDIATOR take STBX off TITLE?? [Re: Mudkat]
      #119757 - 06/22/06 12:24 AM

"Would a mediator be able to remove STBX from our home's title in divorce agreement????"

A mediator has no power. A mediator seeks a concensus on the issues. In some states,m those agreements are sent to the court to be memorialized as an order,. Other than that, they have no power.


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Melody
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No, a mediator does not have that power [Re: Mudkat]
      #120030 - 06/22/06 11:56 PM

a mediator is only supposed to help each party work towards mutual agreement. If you are unable to agree, the mediator simply reports this to the courts and the judge handles it from there. As for the title of the house, it can be ordered that one party must transfer the title to the other party, but it still must be executed by the party. If that person were to fail to perform the act, then you would have to bring it to the courts for them to compel him to do it...such as tell him that unless he transfers the title, he will be held in contempt.

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Spring
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Re: HELP? Can MEDIATOR take STBX off TITLE?? [Re: Mudkat]
      #122188 - 06/30/06 03:20 PM

~~I was told today that I can't refinance in parents name unless they have a vested interest in the house... yikes! Is this true?~~

I believe that is true :-( Did you talk to a lender about it? Make sure you get you info directly from "the source".

--------------------
Never consider the possibility of failure; as long as you persist, you will be successful.


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Maury
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Re: HELP? Can MEDIATOR take STBX off TITLE?? [Re: Spring]
      #123507 - 07/06/06 04:14 PM

Your parents can be co-signors on the loan with you if you have a vested interest in the house

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Wildermay
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Reged: 08/25/06
Posts: 22
Re: HELP? Can MEDIATOR take STBX off TITLE?? [Re: Maury]
      #141357 - 08/29/06 09:34 PM

Anyone can be a co-signer or joint on a loan whether or not they have a vested interest in the house or not. It's up to a credit officer whether or not the credit-worthiness of the applicants is worth the risk though. Chances are lower if the joint/co-signer are not on the deed. The thing is though, that all parties who are on the deed need to sign on the loan (since you are using "their" property as collateral for a loan). So you, he, and you parents would have to sign the loan docs. I believe he can have himself removed from the deed by going to the courthouse, but don't quote me on that.

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