Posted on: 26th Mar, 2010 07:50 am
my ex partner & i bought a condo together and both our names are on the mortgage in nh. she filed for bankruptcy last year and it just this week became final and her debts were discharged including the mortgage. question...is it now safe for her to sign a quit claim deed and give up all her rights to the condo. and since her debts were discharged with regard to the mortgage and if she signs a quit claim deed, is the condo now completely in my name only or do i have to refinance?
Hi barbs!
Welcome to forums!
You and your ex-partner should take the opinion of a bankruptcy lawyer before transferring the property. The lawyer would be the best person to help you in this regard. If your partner signs the deed, then you would become the owner of the property. Then you would be able to refinance the loan in your name if there's equity in the property and if you meet the required criteria of the lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You and your ex-partner should take the opinion of a bankruptcy lawyer before transferring the property. The lawyer would be the best person to help you in this regard. If your partner signs the deed, then you would become the owner of the property. Then you would be able to refinance the loan in your name if there's equity in the property and if you meet the required criteria of the lender.
Feel free to ask if you've further queries.
Sussane
Based on what you said, the answer is she can sign a quitclaim and put the property in your name. However, the situation you describe is an unlikely scenario. Most secured creditors don't get discharged in bankruptcy. Check with the bankruptcy attorney.
