Posted on: 29th Mar, 2010 02:31 pm
Hi, i filed for bankruptcy two years ago since neither my brother and I can support the payments for the house. Plus he no longer wish to pay anything at all for personal reasons. The bankruptcy went through but i still see my name on the deed. Will there be any trouble for me in the future because of this? We are in horrible terms now but my brother is trying to save the house now after i filed for bankrupcty and moved out
-my name and brother's are on the loan and deed
-i have moved out of that house for 3+ years to this date
-my name and brother's are on the loan and deed
-i have moved out of that house for 3+ years to this date
Hi Guest,
If you have been discharged through bankruptcy, you are no longer liable to repay the mortgage. But the bankruptcy does not take your ownership rights away. Thus, since your name is listed on the title to the property, you are still a legal owner of it. In case you do not want to have ownership rights to the property, you can sign a quitclaim deed and give up your property interest. But the lender will not be able to come after you for the debt if you have got discharged through bankruptcy.
If you have been discharged through bankruptcy, you are no longer liable to repay the mortgage. But the bankruptcy does not take your ownership rights away. Thus, since your name is listed on the title to the property, you are still a legal owner of it. In case you do not want to have ownership rights to the property, you can sign a quitclaim deed and give up your property interest. But the lender will not be able to come after you for the debt if you have got discharged through bankruptcy.
thanks for the help, initially i thought my brother would give up the house as well but he is looking to fight to try to keep it. Were still on horrible terms and was hoping for the house to go into foreclosure but it looks like it might not. Better to protect myself with a quitclaim deed then.
To Guest,
Signing the quitclaim deed will relieve you of all your rights to the property. But before you do that make sure that you are discharged from the mortgage debt through bankruptcy. Keep the bankruptcy discharge papers handy. In case the house goes into foreclosure and the lender reports it on your credit report, you can dispute it with the help of the discharge papers and have the item removed from your credit.
Signing the quitclaim deed will relieve you of all your rights to the property. But before you do that make sure that you are discharged from the mortgage debt through bankruptcy. Keep the bankruptcy discharge papers handy. In case the house goes into foreclosure and the lender reports it on your credit report, you can dispute it with the help of the discharge papers and have the item removed from your credit.