Posted on: 29th Nov, 2009 11:20 am
my ex-husband is filing bankruptcy. because our credit is bad-we could never re-finance mortgages to our properties but we each kept one as primary residence and did quitclaim deeds to both. he has not paid his mortgage in over a year which destroyed my credit and kept me from re-financing to get his name off my mortgage. will his bankruptcy affect my house since his name is on the mortgage?? and will i have to file bankruptcy with him since my name is on his mortgage? in our divorce decree it was stated that we each kept a residence and neither had any claims to the other. does that help me?
thanks
anna
thanks
anna
Hi Annrie,
It is not necessary for you to file bankruptcy if your ex-husband does so. Your credit should not be affected by his bankruptcy. But the house will be affected because his name is on the mortgage. Since he has not paid the mortgage for over a year, he does not seem to be willing to keep the property. The house could be sold to pay off the mortgage.
The quitclaim may have taken your name off the title, but your name still remains on the mortgage. If the house is not sold, the lender can foreclose on it for non-payment of mortgage. In case there is a foreclosure, your credit will take a hit. The divorce decree states that neither of you has any claims to the other's property. But this does not release you from the liability of the mortgage you co-borrowed with your ex.
It is not necessary for you to file bankruptcy if your ex-husband does so. Your credit should not be affected by his bankruptcy. But the house will be affected because his name is on the mortgage. Since he has not paid the mortgage for over a year, he does not seem to be willing to keep the property. The house could be sold to pay off the mortgage.
The quitclaim may have taken your name off the title, but your name still remains on the mortgage. If the house is not sold, the lender can foreclose on it for non-payment of mortgage. In case there is a foreclosure, your credit will take a hit. The divorce decree states that neither of you has any claims to the other's property. But this does not release you from the liability of the mortgage you co-borrowed with your ex.
I've just visited this forum. Happy to get acquainted with you. Thanks.
Welcome to forums, jezzicaz! :)
Same issue...
Can the bankruptcy court remove your name from the mortgage?
Can the bankruptcy court remove your name from the mortgage?
Hi Texan,
Your query has been answered to in the given page:
http://www.mortgagefit.com/propertytransfer/about31392.html#137172
Take a look at it. I hope it'll help you.
Take care.
Your query has been answered to in the given page:
http://www.mortgagefit.com/propertytransfer/about31392.html#137172
Take a look at it. I hope it'll help you.
Take care.