Posted on: 17th Mar, 2010 02:39 pm
hi
I have plan to do Bankruptcy chapter 7 . but i do have my name in a deed of my brother house .
First mortgage is in my brother name only. but i do have my name in
secend mortgage with my brother , b/c i use that money but i am going to
make the payment on that one ?
If i use quit claim and take my name out of deed and record it too?
Is it possible the other creditor come and put thier hand on my brother house? i am living in california.
.
I have plan to do Bankruptcy chapter 7 . but i do have my name in a deed of my brother house .
First mortgage is in my brother name only. but i do have my name in
secend mortgage with my brother , b/c i use that money but i am going to
make the payment on that one ?
If i use quit claim and take my name out of deed and record it too?
Is it possible the other creditor come and put thier hand on my brother house? i am living in california.
.
hi john,
if you file chapter 7, you will have to list all your assets and debts. as your name is mentioned on the property deed and the second mortgage of your brother's property, you will have to list it as well. if you transfer the property now to your brother, it may be considered as a fraudulent transfer and the trustee can bring back the property in your estate.
thanks
if you file chapter 7, you will have to list all your assets and debts. as your name is mentioned on the property deed and the second mortgage of your brother's property, you will have to list it as well. if you transfer the property now to your brother, it may be considered as a fraudulent transfer and the trustee can bring back the property in your estate.
thanks
thanks james
then how does it work?
sould i leave the way it is? or just pay of 2ed mortgage and take my name off?
can they put their handon the property?
then how does it work?
sould i leave the way it is? or just pay of 2ed mortgage and take my name off?
can they put their handon the property?
Hi john!
Welcome to forums!
You shouldn't take your name off from the property or from the mortgage now. As James has suggested in his post, it would be considered as fraudulent. I would suggest you to contact a bankruptcy attorney and take his/her opinion before taking any further step.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You shouldn't take your name off from the property or from the mortgage now. As James has suggested in his post, it would be considered as fraudulent. I would suggest you to contact a bankruptcy attorney and take his/her opinion before taking any further step.
Feel free to ask if you've further queries.
Sussane