Posted on: 02nd Apr, 2010 11:44 pm
i have a question, my sister is planning to file for bankruptcy, i co-owed the house with her along with my brother in law. we purchase our home 2004 and refinance the house 2006 but remove my name in the loan but kept it in the title. since 2006 i have not shared any payments with sister because i bought house with my husband. but my dilemma is if my sister pursue filing for banckruptcy will the bank come after me. i dont know what to do. we can't refinance the house with my sister because its below market of $500,000. but i want to remove my name on the title, how will i do that? i don't want to end up filing bankruptcy my self. please help or advise me what i would do
Welcome luisa_ca,
Your name is not on the mortgage docs. In that case, the lender will not be able to come after you for the payments though your name is on the property deed. If you want to remove your name from the title of the property, then you will have to sign a quit claim deed. Once the deed is filled out, get it recorded at the county recorder's office.
Your name is not on the mortgage docs. In that case, the lender will not be able to come after you for the payments though your name is on the property deed. If you want to remove your name from the title of the property, then you will have to sign a quit claim deed. Once the deed is filled out, get it recorded at the county recorder's office.