Quitclaim prior to bankruptcy - How does it affect?

Hi sooners!

I don't think her credit will be affected as her name is not on the mortgage. However, the lender may ask her to pay the debts as her name is on the property title. If she pays the dues, she will be able to save the property. As far as I know she can quitclaim back the property to you but I would advice you to take some legal help.

Thanks.

:?: I have been dealing with illness ( my son's bone cancer and myself breast cancer) for past 10 years and build up a huge debt. Last year I talked to an attorney for filling a bankruptcy. Since I had a quit claim on 2 properties, they said I need to wait 2 years. The purpose of the quit claim was that my son and my daughter live in 2 condos which they rented it from a friend. They wanted to purchase the property so we wrote a contract and applied for mortgage, but since this complex is been through hard time and has so many forclosures, lenders found it unwarrentable and did not lend a mortgage. This has been happening to any buyer interested in this complex. I asked the friend to quit claim the property to my name so I can apply for a line of credit and pay him off. For that time this seemed the best solusion. So he did. We worte another contract for the purchase of the property and a promissory note for the value of the both properties. When the quit claim was recorded, I applied for a line of credit but at this time lenders were gettting tight and when they looked at my credit they denied any line of credit. so I had to quit claim the properties back to the origingal owner. We did not have any illigal purpose in this matter and all was in a good intention. I have all the documents to prove this. These all happend past Feb. & March. I need to apply for bankruptcy now, do the creditors go after those two properties? If they do, How much longer do I need to wait.

Hi Hopeless,

I think you should go with what the lawyers have said. If you file bankruptcy now, there are chances that the property transfer can be considered fraudulent. I think you should wait for one more year.

However, there are various ways to avoid bankruptcy. You can check them out in the given link:
http://www.mortgagefit.com/bankruptcy/avoid-bankruptcy.html

Thanks.

I am going to file chapter 7, but I have land with my brother and sister on the title. It is pay off and it was given to through my father's pasting. Can I just have my name taken off the deed or will they have to sell the land. or divide it up and they keep their part.

How do the divide the land in a Chapter 7 if there are more than one name on the title But only one is in a bankrupty

hi dwight

i think, if federal exemptions are allowed in your state, then according to that exemption, the other owners of the property will get their share of the property once it is liquidated. if federal exemptions are not allowed, then state exemptions will be considered. the whole property will be liquidated and the other owners will get their share of the property in form of money. the person filing bankruptcy will have to pay the creditors from his share of the property.

thanks.

My mother co-signed a loan with me on the purchase of a home. She will probably need to file bankruptcy due to credit card debt - how do I ensure that my home is protected? Should I have her file a quit claim to me and then she can continue with the bankruptcy?

Welcome Deann,

Your mother can look out for a debt consolidation or a debt settlement in order to come out of the credit card debts. In my opinion, these are better ways than filing bankruptcy. In debt consolidation, the interest rates will be reduced whereas in debt settlement, the payments will be reduced by 40%-60% depending upon her situation. I know of a debt consolidation company - "debtconsolidationcare.com". She can speak to the financial coach over there.

As far as removing a co-signer from the loan is concerned, you will have to speak to the lender. If your credit is not good, then I don't think the lender will be ready to remove her from the loan. May be you will have to find out another person who will co-sign for you.

i filed chapter 7 bankruptcy and now they are saying that i own a home, but the loan was signed by my son not me, but i did sign mortgage papers at closing. im confused, i did not think i hd ny prt in the loan

Welcome debbiedebbie,

You need to check out the mortgage papers properly and see whose name is written in the doc. If your son has signed for the mortgage, then the mortgage will be in his name.

I am going to file bankruptcy, however my name is on a deed to property, but not on the loan. we are in arizona, will my bankruptcy effect this property? We are not married my name was added to the deed in the past during a refi on the home that was never completed.

Hi becca,

You've mentioned you are going to file bankruptcy. but what type of bankruptcy? chapter 7 or 13? If it's chapter 7 bankruptcy and you've included the property in the list of your assets, it will affect this property. To protect the property, you can quitclaim your interest, but to that you must obtain the permission of the bankruptcy court.

When my grandfather passed away, my mother and her brother added their names to the claim deed on my grandmothers home so when she passes away, it is split between them.

If my parents file for Chapter 7, could they force my grandmother out of her home to try to sell it ?

Hi Marci,

Since your grandmother is on the title to the home, she is one of the legal owners of the house. You cannot force her to sell the home, unless of course she agrees to quitclaim her interest in the property to the rest of the co-owners.

Thanks,

jerry

WIFE FILED CHAPTER 7 INDIVIDUAL-NOT JOINT-HER FATHER 2 YEARS AGO PAID OFF THE HOME HE HELD THE MORTGAGE WE PAID HIM A MONTHLY PAYMENT OF 720 UNTIL THE FULL 130 WAS PAID OVER 30 YEARS.THE ATTORNEY FILED THE PAPER WORK WE HAD A QUIT CLAIM DEED THAT WAS SIGNED 2 YEARS AGO AND NEVER RECORDED AT THE COUNTY-WE LISTED THE HOME IN THE BANKRUPTCY AS STATED BY THE ATTORNEY TO DO-MY WIFE`S BANKRUPTCY HAS BEEEN DISCHARGED AND SHE HAS PROOF--THE TRUSTEE-NOW WANTS US TO GET A APPRASIL ON OUR HOME TO DETERMINE WHAT THE VALUE IS SO HE CAN GET MY WIFE 1/4 PERCENT OF THE TOTAL SALE AS THE BANKRUPTCY TRUSTEE SAID WITH ALL FOUR OF US SIGINING A (NON RECORDED) QUIT CLAIM DEED 2 YEARS BEFORE THE BANKRUPTCY WAS EVER FILED SHOWS MY WIFE (OWNS) A 1/4 OF THE HOME AND THE BANKRUPTCY COURT IN DETROIT MICHIGAN WANTS US TO SEEL THE HOME SO WE ARE REACHING OUT FOR ANYONE WHO MAY HAVE A THOUGHT OR A IDEA TO WHAT WE CAN DO TO FIGHT THIS AS WE HAVE 4 SMALL CHILDREN THE HOME WAS NEVER RECORDED IN ALL FOUR OF OUR NAMES IT SHOWS MY MOTHER N FATHER N LAW AS THE OWNDERS OF THE PROPERTY-HOW DOES A NON<<<< RECORDED---QUIT CLAIM DEED--STAND UP IN BANKRUPTCY COURT THAT HAS (NEVER)BEEN FILED--PLEASE PLEASE PLEASE SOMEONE HELP US--THE ATTORNEY SAID THIS IS BIZZARE AND WE SPENT ANOTHER 3,000 TO HIM TO FIGHT THIS HOME-NON RECORDED DEED-IN MICHGAN BANKRUPTCY COURT---

PLEASE EMAIL ME "todd_n_Mich@yahoo.com"

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