Updated 12 months ago on . Most recent reply
Deed vs mortgage
Have a scenario that we are curious about what the answer is.
Husband and wife purchase a home. Mortgage is in wife's name only. Deed is in both names. A few years later, husband and wife get a divorce. Wife is removed from the deed and still has the mortgage. Wife lived in the house for awhile with kids and then moved out. Husband now lives in the house. Wife wants to sell the house, but husband is on the deed.
Considering that she is not on the deed, could he sign the deed to someone else without her permission?
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Matthew Paul
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Matthew Paul#1 Multi-Family and Apartment Investing Contributor
#1 Multi-Family and Apartment Investing Contributor
- Severna Park, MD
Without seeing the divorce decree , no , BUT if there is nothing in the divorce papers and he is solely on the deed , and the ex wife on the loan by herself , He is the sole owner of the house . She is responsible to pay for it . Its entirely possible that if he sells the house , and keeps the proceeds , she could be hit with a 1099 and since her debt was forgiven , and be liable for income taxes on that amount