Posted on: 16th Apr, 2009 10:04 am
i am currently have a mortgage with my soon to be ex, we have agreed through mediation to give me the house, however at this point in time i am not able to refinance into my own name due to income, and really it makes no sense to refi because i will probably have higher payments, anyway, my soon to be ex is planning to file bankruptcy, i was told i can have him sign a quitclaim deed giving up his interest in property to me but he is still on the note, so if he files for bankruptcy will that have an effect on me since we are still see as having a mortgage together? i most likely will seel the home and move elsewhere i jsut dont want to have to rush to get that done if not necessary.
hi gcat!
welcome to forums!
you haven't mentioned the type of bankruptcy your soon to be ex is going to file. if he/she files chapter 13 bankruptcy and does not include the property in it, then you will not be effected. if your ex is planning to file chapter 7 bankruptcy, then there are chances that the property will be liquidated to pay off the debts. you may get your portion from the sale proceeds and the rest will be used to pay off the creditors.
it would be better if you could refinance the property asap.
sussane
welcome to forums!
you haven't mentioned the type of bankruptcy your soon to be ex is going to file. if he/she files chapter 13 bankruptcy and does not include the property in it, then you will not be effected. if your ex is planning to file chapter 7 bankruptcy, then there are chances that the property will be liquidated to pay off the debts. you may get your portion from the sale proceeds and the rest will be used to pay off the creditors.
it would be better if you could refinance the property asap.
sussane