Does an interspousal transfer deed SEVER community property?

Asked by 3827glen, Seal Beach, CA Fri Sep 16, 2011

I'm legally divorced, but no MSA in California yet. My ex "bought me out" of the home and I signed an interspousal transfer deed giving them ownership and they secured a new loan. NOW - they are claiming it is community property still and not worth what they bought me out for and want the MSA to now say I owe money back. Is that possible?

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Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Mon Sep 10, 2012
Amen to that answer. Attorney needs to help you out on this one.

The interspousal transfer deed does sever your ownership on the property.
From personal experience, it does NOT sever you from the financial responsibility of the current mortgage in your name. If your name is still on the loan, you will be effected by however those payments are being made or if it is sold on a short sale.

You would be best to sign the interspousal deed only once the refinance has been completed. The new lender will allow for you to stay on title until the new loan is put in place.

Sounds like they are crying over milk spilled....
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Rudi Hofmann, Mortgage Broker Or Lender, El Segundo, CA
Fri Sep 16, 2011
You need to talk to your divorce attorney. No one on Trulia can legally give you legal advice.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
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