Posted on: 10th Sep, 2009 10:13 am
my ex is filing for bankruptcy. the home was quit claimed to her but she was unable to refinance the loan into her name. how will this affect me?...my ex is filing for bankruptcy on a house that was given to her in our divorce. the house was quit claimed to her but i am still on the loan. she is now filing for bankruptcy.
i understand that i can still be held responsible for the loan? if i take over the loan due to responsibilty of loan, will i have legal right to home?
how will this affect my credit?
she also has a lien against the home for a business that failed and they are wanting thier money as well. will this affect me?
i understand that i can still be held responsible for the loan? if i take over the loan due to responsibilty of loan, will i have legal right to home?
how will this affect my credit?
she also has a lien against the home for a business that failed and they are wanting thier money as well. will this affect me?
Hi Cheryle,
As your name is still on the mortgage docs, you are responsible for the loan. However, she won't be able to quitclaim the property to you as it would make her ineligible for filing bankruptcy in the next 1 year. Unless the property is in your name, you won't get the legal rights to that property.
If the property and the mortgage is included in the bankruptcy filing, it would be mentioned in your credit report as "included in bankruptcy of another" but it may not affect your score.
Take care.
As your name is still on the mortgage docs, you are responsible for the loan. However, she won't be able to quitclaim the property to you as it would make her ineligible for filing bankruptcy in the next 1 year. Unless the property is in your name, you won't get the legal rights to that property.
If the property and the mortgage is included in the bankruptcy filing, it would be mentioned in your credit report as "included in bankruptcy of another" but it may not affect your score.
Take care.
check this out
http://www.mortgagefit.com/search/quitclaim-deed.html#before-bankruptcy
http://www.mortgagefit.com/search/quitclaim-deed.html#before-bankruptcy