Posted on: 24th Apr, 2009 08:44 am
my situation is that i own a house with my ex-boyfriend and after talking to the mortgage company about the obama mortgage modification program, they said that if i do a quit claim deed, removing my ex-boyfriend from the title, then i could qualify for the mortgage modification under just my income. i would like to keep the house and he would like to move out eventually. problem is that he is on the mortgage for his ex-wife's house also and it is looking like his ex may no longer be able to pay for that house and he might get stuck with being financially responsible for her house and would need to possibly file bankruptcy, if that happens. my question is if i have him do the qcd now and get a mortgage modification using just my income, if he were to file bankruptcy at some time in the future, how would that affect my house and mortgage, if he is still on the mortgage, but not on the title due to the qcd? would our mortgage then just default to me as sole owner due to the bankruptcy? would i still be able to stay under the obama mortgage modification program, if i become the only person on the mortgage?
welcome mnbound,
if he signs a quitclaim deed now, he will not be able to file bankruptcy immediately. he will have to wait for at least a year before filing bankruptcy otherwise it would be considered as a fraudulent transfer.
if he signs a quitclaim deed now, he will not be able to file bankruptcy immediately. he will have to wait for at least a year before filing bankruptcy otherwise it would be considered as a fraudulent transfer.