Posted by Aaron U. (IA) on April 04, 2002 at 16:24:11:
Yes, Iowa is a community property state but they are no longer married. I will double check to see if he was on the deed at any point in time, she made it sound like he wasn’t but you make a good point.
I have checked the title and she is the only one listed on the deed from her date of purchase going forward.
Would you still do the deal if the husband is not available to sign? I don’t think he lives in state anymore.
Aaron U.(IA)
EXPERIENCED SUB2 ADVICE NEEDED - Posted by Aaron U. (IA)
Posted by Aaron U. (IA) on April 04, 2002 at 14:27:06:
I am purchasing a house sub2 from a husband and wife who are divorced. The woman (whom I’ve been dealing with) is the only person on the deed/title. In reviewing their loan papers I noticed that both husband and wife were on the mortgage. The woman lives in the house, the husband has been gone for a couple of years. I have a purchase and sales agreement signed by the wife and we are meeting next week to sign the deed and other documents. Do I need the husbands signature on anything? I’ll have the wife sign the land trust, assignment of beneficial interest, limited power of attorney. Will I need a limited power of attorney for the husband for dealing with the mortgage and/or bank at any point in time? Any experienced advice is welcome.
Thanks,
Aaron U. (IA)
Re: EXPERIENCED - Posted by Terry (Houston)
Posted by Terry (Houston) on April 04, 2002 at 16:11:05:
Was the house deeded to the the wife from the husband? Is that why she is the only one on there?
Is your state a community property state that this could come back and bite you?
I have always found it better to have both signatures even if the house was deeded over, but I would want to know why the loan is in both names and the deed is just in hers.
Terry