InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Marital Interest And Deed Complexities Posted by SeanW on August 23, 2003 at 8:39 PM Here's something I've never quite figured out. Scenario 1: Suppose person X buys real estate and takes out financing. X marries Y. Even under equitable distribution laws, the house still solely belongs to X, since it was purchased prior to the marriage. But if X refinances the house, then does the spouse get any martial interest in the property? If yes, would the spouse have marital interest, even if X is the sole trustor on the new deed of trust? If no, what happens if both X & Y are on the new deed of trust? That's probably quite likely, since the lender would want a married couple to be liable for the loan. [My gut feeling about this, is that it doesn't make any difference what happens on the refi. The D.O.T. just specifies "who must give up their interest under foreclosure". Y is effectively just a co-signer on such a loan, and owns nothing until X dies.] ----------------------------------------------------------- So, if I'm right about that... what about the more complicated situation? Scenario 2: X and Y are married, and X buys real estate. The deed, and deed of trust are solely in the name of X. (Therefore Y has implied marital interest to the land under equitable distribution, even though that spouse is not on title.) Would a foreclosure only force the sale of X's interest? Did Y need to be named on the deed of trust, in order for that spouse's interest to be sold too? [My gut feeling here, is that it again doesn't matter-- because X & Y are the same unit as tenants of the entirity. But I'd hate to be wrong... and discover I bought half of something!] Follow Ups: Ain't ever gonna happen...(nt) Ward-CA- 7:07 AM, 08/24/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Here's something I've never quite figured out. : Scenario 1: Suppose person X buys real estate and takes out financing. X marries Y. Even under equitable distribution laws, the house still solely belongs to X, since it was purchased prior to the marriage. : But if X refinances the house, then does the spouse get any martial interest in the property? : If yes, would the spouse have marital interest, even if X is the sole trustor on the new deed of trust? : If no, what happens if both X & Y are on the new deed of trust? That's probably quite likely, since the lender would want a married couple to be liable for the loan. : [My gut feeling about this, is that it doesn't make any difference what happens on the refi. The D.O.T. just specifies "who must give up their interest under foreclosure". Y is effectively just a co-signer on such a loan, and owns nothing until X dies.] : ----------------------------------------------------------- : So, if I'm right about that... what about the more complicated situation? : Scenario 2: X and Y are married, and X buys real estate. The deed, and deed of trust are solely in the name of X. (Therefore Y has implied marital interest to the land under equitable distribution, even though that spouse is not on title.) : Would a foreclosure only force the sale of X's interest? Did Y need to be named on the deed of trust, in order for that spouse's interest to be sold too? : [My gut feeling here, is that it again doesn't matter-- because X & Y are the same unit as tenants of the entirity. But I'd hate to be wrong... and discover I bought half of something!] Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455