Posted on: 23rd Nov, 2009 04:05 pm
im filing cahpter 13 and my x husband is on my mortgage can i save his credit by quit claim?
Hi Guest!
Welcome to forums!
Transferring property just before bankruptcy would be considered as fraud by the trustee and he may cancel the transfer and bring back the property in your estate. Moreover, signing a quitclaim deed will not help him remove his name from the mortgage deed. He will have to refinance the loan in his name.
I hope your ex-husband is not filing the bankruptcy jointly with you. In that case, his credit won't get affected. As far as the mortgage is concerned, you would get a repayment plan from your lender to pay off the dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Transferring property just before bankruptcy would be considered as fraud by the trustee and he may cancel the transfer and bring back the property in your estate. Moreover, signing a quitclaim deed will not help him remove his name from the mortgage deed. He will have to refinance the loan in his name.
I hope your ex-husband is not filing the bankruptcy jointly with you. In that case, his credit won't get affected. As far as the mortgage is concerned, you would get a repayment plan from your lender to pay off the dues.
Feel free to ask if you've further queries.
Sussane