We already have a big umbrella policy, but my job has high liability (have insurance for that too).  But if someone sues me at work, and my insurance there doesn't cover all of it....am I protected by having the mortgage/title in my wife's name.  That way they can't get to it?  What about making a trust and putting the house in the trusts' name?
130714
You can protect your home as long as your wife's name is not on any of your business documents (co-owner, etc.) Another way to protect your home is to homestead it. What this means is your home can not be considered in any judgments regarding your estate as long as a relative (blood or by marriage to an immediate family member) is residing there. Even if the homestead is sold, there is a six month period where judgment liens can not be attached to the revenue received from that sale. The only caveat to this is that the property can not be used for profit (i.e farming, rented out etc.) \n\nThis is a great way to ensure that your children and children's children have a home to come home to no matter what (well as long as the notes are kept current lol.)
320864
I can't stand you people who are giving horrible advice. If you file suit against someone and they file bankruptcy, you are still able to collect. Judgments are non dischargeable when filing Bankruptcy. Any court order form of payments are nondischargeable. You get a judgment and record it with the clerk/state, it is vaild for 10 years and if the defendant receives any money or assets you can place a lien on them. Also, if you get a judgment you and your attorney can file a citation to discover assets to get your settlement. They will then need to sell any assets they own (up to a certain amount) to satisfy your judgment.\n\nDo not take the first amount the insurance company offers you. You can get more. Even without an attorney you need to ask for things other things like gas that was in your car, if you had new tires, they usually will pay the tax on a new car up to the value of your old car, the title and license. You can accept the check from you insuance company and then sue her and her insuance for reimbursement. Your insurance will put a lien on the amount you recover usually 2/3s of what they paid out. Don't give your insurance company any information that will incriminate you. You can tell them you are seeking counsel and will be intouch with them about it.\n\nIf you are moving out of state, you need to make sure that you are able to go back to the county that you are moving from because you need to file suit in either the county you lived when this happened, county it happened in or the county that she live in. (assuming they are all different)
645984
Yankee has it right.  Regardless of who is on title, the original Trustors (the people who took out the loan) will remain the same and will still be liable for the loan.\n\nYou can, however, as a long shot, ask the bank to do a modification of the Deed of Trust and take you're ex's name off.  It's rare they'll do that though.  They'd rather make money on having you refi.
331527
Estate is something you own. If you die and you don't name any beneficiaries on your life insurance policy, all death benefits will be paid to your estate. From that point on, the money will stay there until someone in your family claims it (of course this usually result in a family feud and all settlements will have to be settled in court).\n\nSo what I suggest if this person owns life insurance and has no named beneficiary, he/she better name one as soon as possible.\n\nAnother way to look at it is that you have a savings account in heaven and only people who can touch it is your family and your relatives. The government has no access to it. :-D
479621
Why do you want your name on the mortgage?  The most important thing is to add your name to the property. You can do this at the county for less than $50.00.\n\nHe is almost correct on the applying to add your name to the mortgage.  Normally the lender will not add or take anyone off a mortgage once it has been set.  There are occasions when they will, but they will normally charge a fee and the person has to qualify.\n\nThe next time you and your husband refinance the house you can add your name to the mortgage. It is not that important in most states. If you reside in a community property state, it is not relevant, because technically half or what he owns you own and half of what you own he owns.\n\nThe thing you want to do is get your name added to the deed. Contact a local title company (Look in your local telephone book under title company) Tell them your desire is to be added to the property.They will give you some instructions and do the rest for you.  It will cost a bit more than, if you and your husband had gone  to the county recorder's office and your  husband signed you on with a quit claim deed. You will save yourself lots of problems in the future if you allow the title company to do it for you.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
94560
I'm not sure if it's different in community property states, but generally speaking, if there is only one name on the mortgage, only that person's credit will be affected. The deed just refers to who has title to the home. \nOptions would be to rent it (which he's trying to do) or sell it before it goes into foreclosure. But if he sells the property, the wife will get some of the proceeds because she's on the deed. He should try to get her to sign off on the deed so it is under his name only.
657262
Hmmm..might want to talk to a lawyer.  All insurance companies will do whatever they can do to pass the buck onto someone else so they can save money.\n\nRealistically though, that's why people have homeowner's insurance - to cover accidents that happen at their home.  Whether or not your friend wants to make an insurance claim or pay you out of their own pocket is their choice, but either way, your FRIEND should be covering your medical costs as well as any lost work income you had.\n\nIn fact, they should be grateful that you are not suing for more, because you could legally get pain and suffering too!\n\nNot all insurance companies drop on one claim.  I had State Farm and had two $5K claims in the first 9 months I had the house and they didn't drop me or raise my rates (to my surprise).\n\nIn any case, your insurance company does have the right to go after your friend (if the friend doesn't turn over the insurance info) and you probably ARE legally compelled to cooperate.  Check your own insurance contract.  Otherwise your ins co might be able to refuse the claim.\n\nPlus you are still out a week or more's income.\n\nJeez..you sound like a great and caring friend, but your friend is more concerned with his own pocket than your welfare.   I'd ditch the friend and hire a lawyer to sue them!
14892
Ouch.  His insurance will not cover this unless you sue.  Then it would fall on his liability coverage.  Condo insurance is pretty cheap.  Even if you are not interested in covering your personal property, you should have coverage for the condo itself plus liability coverage and loss accessments.
347876
Ya know, I typed out a HUGE answer to this about what the results of each of these ideas would be, but then had a big fight with my husband, and he closed the window before I could send it. \n\nSo the short of it is, the companies can't make any money under your ideas, as claims are too high, so they'd all stop doing business in Florida - not just homeowners, but ALL business.  So that would make the overall insurance situation WORSE. \n\nThe REAL problem is, the insurance claims are increasing dramatically, making it really, really expensive to want to insure a house (from the company's point of view) in Florida.   Losses are up.  When losses are up, you can't legislate payouts down, which is the only way you'll get premiums down!!
616492
You need an attorney.  If you just have a title company do it, how do you know that everything is up-and-up?  There are tons of things about inspections and warranties and state laws and who has to pay for what repairs and FHA loans and assuming loans and stuff.  \nOnce i sold a house and didn't have an attorney and it turned out later that the people who bought it never actually promised to pay the payments in writing.  (i let them assume the loan).  \nHow is the closing office/title company getting paid?
162934
If you are joint on any bank account holdings, real estate, or other property he had, then you do not need a lawyer.  However, if there things that you were not joint owner of, then you at least have to go to court to havea judge name you the beneficiary.  In my case, my mother was joint on all of my father's ownings, so she did not have to do anything more than present a death certificate to have his name removed from those holdings.  Most such things are actually titled "joint account with right of survivorship".
78444
It is best in matters like these to get a lawyer..I know that they are spendy but in matters like these it is well worth it.  I found one who would take payments.  About the house the only way to get your name off the Morgage is for him to refinance the house.  The lawyer will prepare the documents that you have to sign.  If he refuses take him to court and a judge will handle it.  Be strong!! Let him know that this time you are done and you mean business!!\nBeen there, and Won!!
477022
If you can't come up with all the mortgage you are left with no other options. If you and him are both on the title...you have to change that and get only your name on it if you will be the only one paying for it....sorry......good luck... :(
421516
There are usually two policies of title insurance on a property.  Most places I have worked it is traditional for the seller to pay for the buyer's policy of title insurance (the owner's policy) which protects against defects in your title.  And people really do use it.  More than most people think.  I ran down a checklist of 100 items or so that title insurance protects against, and I had encountered people who had problems with over two thirds of the items.\n\nBut your owner's policy does not protect the lender from loss due to title defects, so the lender will require you to buy them a lender's policy of title insurance, and that's what the $700 is probably for.  You don't pay it, you don't get a loan.  You're actually getting a discount for buying it concurrently with that policy of owner's title insurance your seller is buying you.
520843
The homeowners insurance will pay for everything.  It's why as a home owner you carry insurance, just have your boss call his agent and explain that he and his friend were doing some roof work or hanging lights whatever and then give it to the emergency room.  he should carry at least $100,000 worth of coverage, and tell him his rate won't jump so not to worry.  Get your hubby fixed up and split the deductible.  Everyone's happy.
92498
It all depends on whose name is on the deed and mortgage.  If it's in one name, then the person who is named is responsible.  If you both are on it, then it's just like selling the house when you are married, just split the profit evenly.  If the deed is in one name and the mortgage is in both names, then the one on the mortgage who is not on the deed may get screwed, because that person has no ownership in the property, but is still responsible for the mortgage.  Don't sell it too cheap, because courts will look at sale prices and actual value and they tend to get upset if you sell a $150,000 for $50,000.
576748
A mortgage involves a note and  a (trust) deed. Unless you expressly deeded an interest to your home to your ex-husband, you are the still the sole owner and he is obligated on the mortgage note (Sucks to be him if you default). \n\nThe disposition of the house and the mortgage (and debt) should have been explicitly dealt with in your divorce. If you had a divorce lawyer, you should contact the lawyer to determine if your EX has any legal rights to the home.\n\nMortgage companies and banks do not tend to be careless where a legal owner and spouse sign a note and trust deed. You may be obligated by the note. \n\nThe mortgage, however, would not entitle your EX to any interest in your home.