Without watching the vid I’ll say this: I have a friend who still owns several rentals with his ex wife, his comment to me was “I don’t recommend doing it that way.”
Exactly. ..I am wondering what he's talking about, the house is in her name but the loan is in his name. I wouldn't take on a loan when I don't need to, and certainly not so my ex can buy a house with his new wife.
@@shatikac Oh, I assumed he would be the one paying it if it's in his name. Dave's response makes more sense if that's the case, though if I was the ex, I still wouldn't transfer it in my name. Maybe I'm just selfish.
The house is in her name, the mortgage loan is still in his name, but she is the one currently paying the monthly mortgage. He needs to get the loan out of his name and that can only be done via refinancing.
@@elsonbenedict3801 Ok. Didn't think she would be paying the payment since its in his name. I would think if it's in his name he has a legal obligation to the mortgage company not her.
It’s easy to look at it from our perspective, but during that process he’s very emotional and trusting of his counsel. This sucks though and I feel so bad for him!
lawyers who allow a property to not be sold or refinanced during a divorce to separate finances are stupid and IMO commit malpractice. in this case not addressing it at all certainly is. if both are on the loan and she will cooperate and prove shes made the payment for 12 months you can prob get a new loan. Otherwise go back to court and get her required to pay it off.
Caller contradicted himself. First stated house was not addressed in the decree. Then later says the decree says house goes to his spouse (hence, he quit claimed it to her).
Just like that. The mortgage is probably in both of their names, but either party can quit claim it to the other, which means they are giving up their ownership, but the mortgage remains unchanged. He did a stupid deal.
I’m surprised the loan company didn’t call the loan since he (the mortgagee) does not have legal possession of the house (security). If he walked away, they have no collateral.
Sounds like information is missing. Why would he quit claim deed if she wasn't required to refinance? Does he owe a ton of back child support? He mentioned we agreed to pay our debts. Splitting assets is so common in divorce unlikely any atty would miss a mortgage on a property with no legal ownership interest.
Most men are able to overcome the first divorce. It's the second divorce that ruins them. The ship that's this caller's life is headed for very dangerous waters.
@@twilliams842 You got lucky. In most States, there is a law called "Dowers Rights" which automatically entitles the spouse to an interest in the residence upon marriage even if their name is not on the mortgage note
Yechhh. They should completely separate all assets at the time of the divorce, not end up with this half-baked nonsense which seems like a good idea at the time but benefits no one in the long term. I have a relative who ended up living in the house with the kids, but her husband got both house and mortgage. The situation was still causing problems over a decade later.
@@origins777 No but he made his mess now he's stuck I wouldn't even be in that situation but I'm saying I would not default on the loan I'd go to court or something
sounds like he is a little confused. she got to keep the house, but owes him half. The loan is in his name, but needs to be sold to her. I'm sure there is something in the paperwork that touches on this.
In Oklahoma, Creek County - my co-worker tried to get released from the mortgage and the judge said "I hope you have lots of money to fight it, because I won't order it." His ex waited to file until the "man hater judge" would be on the docket. My ex tried to get me to release the home's equity before the divorce was final and the quit claim deed was signed. Luckily, I didn't have a lazy attorney, and we didn't settle financially until 30 days after the decree was finalized, due to some quirk in Oklahoma law about challenge in the first 30 days.
This is straight BS! There is only one judge hearing divorce case in Sapulpa. That judge is not a man hater judge and mortgage obligations are not released via divorce decree!
@@Lon1001 Most likely he probably pays a portion of it as well but maybe not although she might not put it in her name in case it goes south it will only hurt him
I got divorced, I filed a special warranty form to relinquish more portion to her. She bought me out. Then she filed a secure of assumption form to keep the house. But my name is still on the house until she refinance. With these forms in place will this affect my debt going forward buying real estate??
0:15 What on earth does he mean? "The house was given to the woman." Did he agree to that??? If neither spouse wishes to sell, and neither can buy each other out, then both spouses can live in the home. Correct?
What if they aren’t able to refinance during the 90 day given by the divorce decree. On the court order it was told to put the house for sale immediately after 90 days . Now xspouse want to extend more time. How do you get them to move out?
Well if he's on the mortgage and paying the note he should simply stop paying and let it go to foreclosure, but I suspect there is more to this story than what he's sharing.
Stupid lawyers, I had my attorney putting that on that decree and she refinanced shortly after my divorce. However, this guy isn't learning the lesson, the finacee will keep the next house lol.
A wife with children will not divorce a good husband. The ex-husband was ordered by the court to take on the full responsibility and pay for the house where his children and ex-wife reside. This is common in divorces. Advising the ex-husband to try to trick the wife into taking on the responsibility of the Note via a refinance is just cruel and heartless advice that will negatively impact the ex-wife and the children. The ex-husband needs to man up and pay off the Note which is his debt.
I like the advice, but there is more to refinancing than looking at a lower rate. A refinance will re-set the amortization schedule so essentially her payments will have a lower percentage going towards principle, hence longer time to pay off. However in this situation, it needs to be done.
Why would she refinance it in her name if he has the loan in his name and making payments!🤷♀️I m sure she is living rent free! So now you want her to refinance for low interest & then she has a payment! Surely she is smarter then that !!! Just saying! Love to hear the out come on this one!!
I can tell already that there’s more to the story. I can bet his fiancé is the reason he got a divorce and his ex-wife claimed adultery and abandonment. She probably can’t afford to refinance and he knows it. I doubt the lawyer and the judge would’ve supported leaving the house in his name otherwise. I can almost bet that’s why he’s calling Dave and not his lawyer. People love to pay the victim when they make the mess 🤦🏽♀️
Way these divorce deals should be written is house to be sold by some definite date like one year after final decree of divorce with all proceeds to spouse X unless spouse X refinances in own name then spouse Y's name off deed.
I have a feeling it's not going to be that easy. Why wasn't her name on the mortgage with him? My guess is that she didn't qualify. Probably still wont qualify when he tries to get her to refinance.
Hi Mr Ramsey, I am 60 yes old with no retirement I want to open a Roth IRA but am scare of losing money I am a low income earner do you think I should put m money in a high yield savings account or if I must open a Roth IRA which investment I should buy. Also am planning to put the money there until am 70. Thk you.
Sounds like my parents. 😂 They couldn't settle about the house. My mom didn't have the money to pay my dad back for the amount he put into it, and my Dad did her the favor of letting her raise kids in a house. House is still in both their names and he uses it to harass her whenever he's feeling vindictive. Yet she still hasn't tried to get his name off it. Hmmm.
@@r.rodriguez4991 its basically a 50/50 institution but that includes the baby boomers who stayed married much longer... once they are gone the rate will b 60%+
@@r.rodriguez4991 I'm sure at the beginning of that marriage he thought it was "good". Things change unfortunately and you don't have control sometimes of the outcome.
This makes absolutely no sense. The guy sounds not sharp. So has he been paying the mortgage? If so, why would she be incentivized to take on the loan or does she even qualify? How much equity is now in this house? Is he prepared to put her and his kids out? So many questions, for you being a finance guy, you sure don't ask enough questions to get an understanding of alot of situations.
*The reality of the rich and the poor is this: the rich invest their money and spend what is left. The poor spend their money and invest what is left"*
Mistakes were made…
😂😂👌
And continuing to be made, he is engaged again, and house shopping.
Can’t change the past we can only choose to learn. Expensive lesson but could be far worse.
Yes indeed
@@swampcrawlerls1267 Can't turn a boy into a man, sadly.
Without watching the vid I’ll say this: I have a friend who still owns several rentals with his ex wife, his comment to me was “I don’t recommend doing it that way.”
Spoiler alert: his divorce attorney is now dating his ex.
Spoiler alert the new ‘plot twist’?
@@jmc8076 Maybe it's the new "subvert expectations"
@@jmc8076 It's a lateral move, in this case.
something doesnt smell right, thats true
@@jmc8076 u serious? Or are you talking ragtime
Ugh! Bad lawyer for giving the house to the ex when it is in his name!
We don't know how the house is titled.
But he signed a Quit claim, so it is not his house.
Unmarried Woman, Sole and separate property
3:32 Why would she care about a cheaper interest rate when she's not the one who has to pay it?
Exactly. ..I am wondering what he's talking about, the house is in her name but the loan is in his name. I wouldn't take on a loan when I don't need to, and certainly not so my ex can buy a house with his new wife.
@@regularity2556 he never said that she didn't pay the mortgage. He only said the loan was in his name.
@@shatikac Oh, I assumed he would be the one paying it if it's in his name.
Dave's response makes more sense if that's the case, though if I was the ex, I still wouldn't transfer it in my name. Maybe I'm just selfish.
@@regularity2556 And greedy
Why would she care about the interest rate if he is on the mortgage.
The house is in her name, the mortgage loan is still in his name, but she is the one currently paying the monthly mortgage. He needs to get the loan out of his name and that can only be done via refinancing.
@@elsonbenedict3801 Ok. Didn't think she would be paying the payment since its in his name. I would think if it's in his name he has a legal obligation to the mortgage company not her.
Worst nightmare ever even though I’m not married lol 😂
It’s easy to look at it from our perspective, but during that process he’s very emotional and trusting of his counsel. This sucks though and I feel so bad for him!
I imagine her keeping the kids is the reason she kept the house. Probably why he kept paying it too.
Simp judge.
lawyers who allow a property to not be sold or refinanced during a divorce to separate finances are stupid and IMO commit malpractice. in this case not addressing it at all certainly is. if both are on the loan and she will cooperate and prove shes made the payment for 12 months you can prob get a new loan. Otherwise go back to court and get her required to pay it off.
Caller contradicted himself. First stated house was not addressed in the decree. Then later says the decree says house goes to his spouse (hence, he quit claimed it to her).
If the divorce decree states the house belongs to his ex-wife, but mortgage is under his name, how does that even work?
i was asking myself the same question.....
Just like that. The mortgage is probably in both of their names, but either party can quit claim it to the other, which means they are giving up their ownership, but the mortgage remains unchanged. He did a stupid deal.
It's called family law my friend. Few men are immune
Because family court is corrupt my friends.
What do you want to bet that "she" (The ex wife) can't qualify for the payments on her own income, even with spousal and child support.
Bingo!
I’m surprised the loan company didn’t call the loan since he (the mortgagee) does not have legal possession of the house (security). If he walked away, they have no collateral.
But has she been paying the mortgage monthly after the divorce?
That's what I'm wondering. I thought he is paying the mortgage. Why would she refinance the mortgage when he is paying ?
it's surprising they didn't get a clarification on that.
Sounds like information is missing. Why would he quit claim deed if she wasn't required to refinance? Does he owe a ton of back child support? He mentioned we agreed to pay our debts. Splitting assets is so common in divorce unlikely any atty would miss a mortgage on a property with no legal ownership interest.
House hacking at its finest, Graham Stephan would be proud 😂
Most men are able to overcome the first divorce. It's the second divorce that ruins them. The ship that's this caller's life is headed for very dangerous waters.
That’s why I bought my house before we got married. Her lawyer tried their best to get the house but couldn’t touch it 🤷🏾♂️
@@twilliams842 You got lucky. In most States, there is a law called "Dowers Rights" which automatically entitles the spouse to an interest in the residence upon marriage even if their name is not on the mortgage note
You can go back to the court and ask for this change. Usually 1-3 years. I have been waiting for 11 years.
Who’s the new guy? He’s not authorized.
You can tell he's new huh? New guy at work!
Lol I was thinking the same thing.. who's this guy?
Is this the guy that's on the EntreLeadership channel? But they dont mention his name here.
George Kamel
Speaking terms are soon to end.
His guilt is killing him
Yechhh. They should completely separate all assets at the time of the divorce, not end up with this half-baked nonsense which seems like a good idea at the time but benefits no one in the long term. I have a relative who ended up living in the house with the kids, but her husband got both house and mortgage. The situation was still causing problems over a decade later.
I would let the bank foreclosure the house if I wasn't on speaking terms.
That would only hurt him 😂 he'd never get another home why would he do that?
@@DemonTime08 so paying off a home you don't own is better.
@@origins777 No but he made his mess now he's stuck I wouldn't even be in that situation but I'm saying I would not default on the loan I'd go to court or something
sounds like he is a little confused. she got to keep the house, but owes him half. The loan is in his name, but needs to be sold to her. I'm sure there is something in the paperwork that touches on this.
In Oklahoma, Creek County - my co-worker tried to get released from the mortgage and the judge said "I hope you have lots of money to fight it, because I won't order it." His ex waited to file until the "man hater judge" would be on the docket. My ex tried to get me to release the home's equity before the divorce was final and the quit claim deed was signed. Luckily, I didn't have a lazy attorney, and we didn't settle financially until 30 days after the decree was finalized, due to some quirk in Oklahoma law about challenge in the first 30 days.
This is straight BS! There is only one judge hearing divorce case in Sapulpa. That judge is not a man hater judge and mortgage obligations are not released via divorce decree!
No way is the wife going to refinance.
I wouldn't, cuz Im evil 🤣
Even if she agreed to do so, it wouldn't matter. The mortgage is likely delinquent at this point, hence the reason for his calling into the show.
she might if she has been the one making the monthly payments and in good faith, in which case reduced monthly payments would be appealing.
@@Lon1001 Most likely he probably pays a portion of it as well but maybe not although she might not put it in her name in case it goes south it will only hurt him
Why would she refinance, she doesn't have to pay!!! Is he providing a home for his kids?
Sounds like she’s paying for it. The mortgage is just still in his name
Good solution. I would love to know if she accepted that offer.
I don't understand why he let her keep the house while he pays. That makes no sense!!
What happened to Anthony ???
He should have forced a sale or refinance before giving up the house. Dude has an uphill battle.
I got divorced, I filed a special warranty form to relinquish more portion to her. She bought me out. Then she filed a secure of assumption form to keep the house. But my name is still on the house until she refinance. With these forms in place will this affect my debt going forward buying real estate??
Tell her she either refinances into her name only, or you’re going to court to demand a sale.
0:15
What on earth does he mean? "The house was given to the woman."
Did he agree to that???
If neither spouse wishes to sell, and neither can buy each other out, then both spouses can live in the home. Correct?
Who’s that new little guy sitting by Dave??
Danny from work experience
@@saulgoodman2018 Saul may have not found his 12% but by god you can depend on him to post good comments.
@@saulgoodman2018 lol, good one
NO DEAL, HE HAS NO LEVERAGE 🤷🏾♂️
What if they aren’t able to refinance during the 90 day given by the divorce decree. On the court order it was told to put the house for sale immediately after 90 days . Now xspouse want to extend more time. How do you get them to move out?
Well if he's on the mortgage and paying the note he should simply stop paying and let it go to foreclosure, but I suspect there is more to this story than what he's sharing.
Stupid lawyers, I had my attorney putting that on that decree and she refinanced shortly after my divorce. However, this guy isn't learning the lesson, the finacee will keep the next house lol.
Who's this new guy? Where's AO?
A wife with children will not divorce a good husband. The ex-husband was ordered by the court to take on the full responsibility and pay for the house where his children and ex-wife reside. This is common in divorces. Advising the ex-husband to try to trick the wife into taking on the responsibility of the Note via a refinance is just cruel and heartless advice that will negatively impact the ex-wife and the children. The ex-husband needs to man up and pay off the Note which is his debt.
Oh yes they will.
Oh yes they will
I like the advice, but there is more to refinancing than looking at a lower rate. A refinance will re-set the amortization schedule so essentially her payments will have a lower percentage going towards principle, hence longer time to pay off. However in this situation, it needs to be done.
Not true. You can refinance the loan length. Instead of refinancing to a 30 year, you can do 20 or 15. This results in loan paid off faster.
@@iwillsurvive1335 right. I was assuming the refi would be for the same term that it is now.
Obviously this guy did not learn anything from his first divorce. He’s looking to get remarried. Big mistake!
Can't turn a boy into a man. Simps like to keep simping hoping for a better result.
And buying a house with is fiancee he as not learn a thing
Why would she refinance it in her name if he has the loan in his name and making payments!🤷♀️I m sure she is living rent free! So now you want her to refinance for low interest & then she has a payment! Surely she is smarter then that !!! Just saying! Love to hear the out come on this one!!
I agree, her risk goes up more than the interest difference and closing costs together
I can tell already that there’s more to the story. I can bet his fiancé is the reason he got a divorce and his ex-wife claimed adultery and abandonment. She probably can’t afford to refinance and he knows it. I doubt the lawyer and the judge would’ve supported leaving the house in his name otherwise. I can almost bet that’s why he’s calling Dave and not his lawyer. People love to pay the victim when they make the mess 🤦🏽♀️
Way these divorce deals should be written is house to be sold by some definite date like one year after final decree of divorce with all proceeds to spouse X unless spouse X refinances in own name then spouse Y's name off deed.
Why do i feel this guys gonna get fleeced again with this new chick...
Bet the 38k was from her or mostly hers.
Once your burned once don't back in the fire
Who is this new guy in the show?
I have a feeling it's not going to be that easy. Why wasn't her name on the mortgage with him? My guess is that she didn't qualify. Probably still wont qualify when he tries to get her to refinance.
Whose the new guy?
Dont hate the playa, hate the game...high five to the Ex Wife 🤣
He already has another fiance?
some people move along in life quickly
Yeah I found that strange too
Hi Mr Ramsey, I am 60 yes old with no retirement I want to open a Roth IRA but am scare of losing money I am a low income earner do you think I should put m money in a high yield savings account or if I must open a Roth IRA which investment I should buy. Also am planning to put the money there until am 70. Thk you.
Sounds like my parents. 😂 They couldn't settle about the house. My mom didn't have the money to pay my dad back for the amount he put into it, and my Dad did her the favor of letting her raise kids in a house. House is still in both their names and he uses it to harass her whenever he's feeling vindictive. Yet she still hasn't tried to get his name off it. Hmmm.
Who is the guy next to Ramsey?
Lol dont mentioned "im gonna buy a house with the new wife."
Pre-nup.
I'm sure the new wife is pi$$ed 🤬 that see can't get a house and get it in his next divorce. Men as always stay single, stay out of these situations.
Yes.
You know...there IS such a thing called a good marriage. I’m sorry you were never exposed to that.
@@r.rodriguez4991 its basically a 50/50 institution
but that includes the baby boomers who stayed married much longer... once they are gone the rate will b 60%+
@@r.rodriguez4991 I'm sure at the beginning of that marriage he thought it was "good". Things change unfortunately and you don't have control sometimes of the outcome.
Dude already owns a house with his ex wife that he doesn't live in. Soon he's also gonna own a house with his ex fiance that he doesnt live in
Cheaper to keep her.
or just stay single.
George Kamel
AMC!! AMC!! AMC !! Oh wait this isn’t a stock video of my riches to be made 😏🤑
What if the ex-wife doesn't qualify to refinance? That happens all the time.
oops
This makes absolutely no sense. The guy sounds not sharp. So has he been paying the mortgage? If so, why would she be incentivized to take on the loan or does she even qualify? How much equity is now in this house? Is he prepared to put her and his kids out? So many questions, for you being a finance guy, you sure don't ask enough questions to get an understanding of alot of situations.
Ok
stop paying it and let it get foreclosed.
is he still paying it?
i missed that..... shes owns it (well the bank) but hes on the mortgage
Sounds like she is paying it.
@@Fishouta did they even address who was paying?
Finance looking at the great deal the ex got from this guy.
This show is a repeat from 5-6 weeks ago.
This sooooo sucks!
*The reality of the rich and the poor is this: the rich invest their money and spend what is left. The poor spend their money and invest what is left"*
Who is the new handsome guy?
Who was the schmuck next to Dave? Has no unique insights
Well, it sucks. Don't marry, love your woman. Make her your mistress for life, not a ''wife''. Greetings from Moscow