Posted on: 05th Jan, 2006 03:29 am
my husband is in deep debt and we have a house together. he is planning to file for bunkrupcty but before doing that he is planning to do a quit claim on our property to me. i have excellent credit and i dont want to file for a bunkruptcy. is it good move for him to do a quit deed then fiile for bunckruptcy? how will it affect me?
Thinking of quick claim deed in florida to my daughter. She is 18 and the land is free and clear. I'm in the middle of a court case, and the opposing lawyer is threatening to file for lawyer fees and costs (which I feel I might not be able to pay). If I quick claim the property can he null the tranaction of the claim.
Thks, Sonya
Thks, Sonya
Welcome sonya,
As there is a court case going on, it's better to not transfer the property to your daughter now. The court may consider this as fraudulent and you can be penalized for it.
As there is a court case going on, it's better to not transfer the property to your daughter now. The court may consider this as fraudulent and you can be penalized for it.
I own a home with another person, we are re-financing in her name only to reduce the payment. The deed is in both of our names and their are 3 time shares in both of our names, all paid for. If we took my name off all the deeds how long would I have to wait before I could legally file Chapter 13 for my credit card debts. I am barely hanging on but I am trying to minimize the financial impact to my partner.
hi vwest,
you will have to wait for at least a year after the transfer of the properties in order to file chapter 13 bankruptcy for your credit card debts.
you will have to wait for at least a year after the transfer of the properties in order to file chapter 13 bankruptcy for your credit card debts.
My father wants to quit calm deed the home I live in.the reason for the quit calm is because he is in finical trouble.however the home has a mortgage and I would like to what is the best decision for. Me to do
Hi Kevin!
Welcome to forums!
You will have to refinance the mortgage in your name once the property is transferred to you. This will make you the responsible for the mortgage.
Sussane
Welcome to forums!
You will have to refinance the mortgage in your name once the property is transferred to you. This will make you the responsible for the mortgage.
Sussane
hi,
my dad was a co-borrower for a home purchase with my aunt about 5 years ago which consisted of a 1st and 2nd mortgage. the home foreclosed about 4 years ago so i believe the first mortgage defaulted and is no longer a responsibility. my dad recently had his credit ran and discovered that the 2nd mortgage has been sent to collections. now here's the issue, my mom and dad have a home and we're afraid that the collectors will go after my familys home because of the 2nd mortage of my aunt. would you suggest my dad filing a quit claim deed to avoid the possibility of losing our home? please advise. thanks in advance
my dad was a co-borrower for a home purchase with my aunt about 5 years ago which consisted of a 1st and 2nd mortgage. the home foreclosed about 4 years ago so i believe the first mortgage defaulted and is no longer a responsibility. my dad recently had his credit ran and discovered that the 2nd mortgage has been sent to collections. now here's the issue, my mom and dad have a home and we're afraid that the collectors will go after my familys home because of the 2nd mortage of my aunt. would you suggest my dad filing a quit claim deed to avoid the possibility of losing our home? please advise. thanks in advance
Hi Al,
Your query has been replied to in the given page:
http://www.mortgagefit.com/propertytransfer/about48626.html
Take a look at it. Hope it helps you.
Your query has been replied to in the given page:
http://www.mortgagefit.com/propertytransfer/about48626.html
Take a look at it. Hope it helps you.
My husband & I are getting divorced & he brought us down financially without consulting me on decisions he made. He is quit claiming home in SC to me & will continue to make mortgage payments. He wants to file bankruptcy in FL, as long as this home is safe, as well as all of my stuff, plus 1.01 acre I own free & clear, buying with my inheritance money. I've lived here 4+ yrs. & we want to be sure no one can take it from me. Thx!
This home in SC WAS our summer home, & has been considered mine soon after we bought it, due to all of my inheritance being spent. The quit claim is in the divorce, & I'm a homemaker, so he must pay mortgage, as well as all dept incurred. So what is the best way for us to do this as we're both residents of FL. Should I change my driver's licence & become a resident of SC now, before divorce is final? Again, he is trying to protect me, not be fraudulent against anyone, since this 'downfall' was all his doing. Please help ASAP! Our financial lawyer is telling him to file bankruptcy
Hi Mary!
Welcome to forums!
If your husband files bankruptcy, he will be discharged from the liability of paying off the mortgage dues. He should reaffirm the mortgage when in bankruptcy and pay off the dues in time. This will help you in saving your property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your husband files bankruptcy, he will be discharged from the liability of paying off the mortgage dues. He should reaffirm the mortgage when in bankruptcy and pay off the dues in time. This will help you in saving your property.
Feel free to ask if you've further queries.
Sussane
My 5 siblings have joint ownership of property deeded to us by my father some 10 years ago.
The property is in NYS
One sibling is filing for Chapter 7 liquidation bankrupcy to save their primary residence.
Is the jointly owned property subject to sale to satisfy thier debt
The property is in NYS
One sibling is filing for Chapter 7 liquidation bankrupcy to save their primary residence.
Is the jointly owned property subject to sale to satisfy thier debt
Hi Tommy!
Welcome to forums!
As the sibling has ownership in the property deeded to you by your father, he will have to include it in his bankruptcy filing. The property may be sold off in order to satisfy his creditors but the other owners of the property will get their share from the sale proceeds.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the sibling has ownership in the property deeded to you by your father, he will have to include it in his bankruptcy filing. The property may be sold off in order to satisfy his creditors but the other owners of the property will get their share from the sale proceeds.
Feel free to ask if you've further queries.
Sussane
My girlfriend's sister is about to file bk. Her boyfriend is buying a house and he plans to put her on the deed but not the loan due to her bk. Is that possible to do? Will the bank be okay with her being on the deed with her bk even though she is not on the mortgage anywhere. She is actually planning on signing a lease agreement but she thinks she can be half owner of the new home even though she is not paying on the house at all. I agree that if its possible it is very stupid of her boyfriend to put her on the deed as co-owner. I however suspect that the mortgage bank will have issue with this arrangement and in turn foreclose on the property. Is this arrangement legally possible?
Welcome PatrickBiz,
The boyfriend should not put your girlfriend's sister on the property deed now. If he does so, she will have to include the property in her bankruptcy filing. The boyfriend should purchase the property solely in his name.
The boyfriend should not put your girlfriend's sister on the property deed now. If he does so, she will have to include the property in her bankruptcy filing. The boyfriend should purchase the property solely in his name.
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