My husband and I are separated. We lived in Texas for a number of years until the time of our separation. He is still there. I'm now in Geor...

Question

My husband and I are separated. We lived in Texas for a number of years until the time of our separation. He is still there. I'm now in Georgia. He is refinancing the house we shared in TX, so that the mortgage will be in his name only. The refinancing names me as "grantor." What does this mean? We have paid about 12 years on a 20-year loan. How should the funds in equity be distributed since he's telling me he'll split them with me? Is it possible to have the bank cut two checks since I don't trust him to cash the check and send me my portion of the money?

Answer

You will have to make a deed conveying your interest to your husband -- that's the document that names you as grantor. You should ask to see a copy, in advance, of the "closing statement" for the refinance. This would come either from the bank or the title company. Confiorm that the closing statement provides for you to be paid your half directly. Send the title company written instructions with the signed deed stating that the deed should only be delivered and recorded if and when the title company has your money and is prepared to send it to you.