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    kh8110's Avatar
    kh8110 Posts: 1, Reputation: 1
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    #1

    Jun 21, 2013, 02:25 PM
    Can I sign over my paid home to my father when I am sole owner
    Me and my commonlaw husband of ten years bought an acreage together. We separated three years ago and have been trying to sell it since. Two years ago I was in a relationship with a man who died from cancer a year after we were together. In his will he gave me his home which was totally paid for. Now I am living in that home and struggling to pay the mortgage on the other home. My ex is not paying any of the mortgage or bills of that acreage yet still wants his half of the money when it sells. At this point it is listed for just what we owe the bank and the realtor and lawyer fee.
    This is my problem. I can no longer afford the mortgage payments on this property and he will not help me. I asked the bank if I could pass this property back to them and they said they would then take what I owed from that property from the one I now separately own. How does this happen. I have been totally responsible for the acreage payments cause my x doesn't have a bank account to gaurnashee nor does he keep a job longer than a month or two. What are my options here. I am going to be totally responsible for a property that is in both our names! He is laughing all the way cause he has to sign when we sell but he isn't responsible for any of the costs. I am caught and don't know what to do! My friend that left me his home wanted me to have that for my old age as I am somewhat disabled yet I could loose half of that to my ex!
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jun 21, 2013, 02:39 PM
    Where are you in the divorce process?
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #3

    Jun 21, 2013, 03:14 PM
    If you own a home with no mortgage then the lender who holds the mortgage on your other property cannot "take" the money you owe from this home. All they can do is sue you and get a judgment. That judgment will act as a lien against the property you own and live in and when you try to sell or finance the property then the lender will have to be paid.

    However if you sell the acreage and pay off the lender then they will have no claims against you. Your ex will not be entitled to any money from the acreage if you don't sell it for more than the amount of the loan. If you can sell it for more than the amount of the loan then your ex would be entitled to half that amount minus the costs of the property that you paid on his behalf.

    So keep trying to sell the acreage for at least enough to cover paying off the loan.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #4

    Jun 21, 2013, 03:28 PM
    Lisa, she refers to the "other person" as her common law husband and states that they separated 3 years ago. If they are common law, don't they need a divorce before anyone disposes of anything?
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #5

    Jun 21, 2013, 03:37 PM
    From my understanding, no. And as long as both of them sign the deed transferring the property there should be no legal process required.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #6

    Jun 21, 2013, 04:14 PM
    Quote Originally Posted by LisaB4657 View Post
    If you own a home with no mortgage then the lender who holds the mortgage on your other property cannot "take" the money you owe from this home. All they can do is sue you and get a judgment. ...
    Unless the mortgage contains a "dragnet clause".

    No one has yet answered the question contained in the title ("Can I sign over my paid home to my father when I am sole owner" [?]). I believe OP can, but such a transfer might be subject to being set aside, as a "fraud on creditors".
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #7

    Jun 21, 2013, 06:25 PM
    Quote Originally Posted by AK lawyer View Post
    Unless the mortgage contains a "dragnet clause".

    No one has yet answered the question contained in the title ("Can I sign over my paid home to my father when I am sole owner" [?]). I believe OP can, but such a transfer might be subject to being set aside, as a "fraud on creditors".
    A dragnet clause, which is typically used in commercial loans rather than residential loans, does not apply here. The property the OP is asking about is unencumbered. The dragnet clause only applies to property that has been secured by a mortgage. It secures any loans the mortgagor may have with that lender and not just the loan for the subject property.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #8

    Jun 21, 2013, 07:07 PM
    What agreement did you have with the ex on this property? Was there an agreement for him to share the costs? Did he put anything towards the purchase at all? Can you provide and accounting of all the monies paid towards the upkeep?

    If you can, you can file suit against him for his share. You may not be able to collect, but at least you can shut him up. As Lisa said, If you sell the property For just what's owed, there is no money for anyone to take.

    As far as transferring the other property to someone else. That's going to be considered a sale and there may be tax consequences from that. Plus, you need to implicitly trust whoever you give the property to.
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