Quitclaim prior to bankruptcy - How does it affect?

Hi my name is Rose from California. My husband has his house in his name before we got married. He owes more than the value of the house now and also owed a big amount on the credit card. He is thinking of filing bankruptcy. I am planning to buy a house in my own name, can they go after my house and consider it as my husband property?

credit loan is not a secured loan. they can not go for your home.

Hi, My husband and I have been separated since July, 2009. He moved out of the home and into his own apartment. He is planning on Filing chapter 7 at the end of this month. My daughter who is 4 and I are living in the martial home and hope to save and stay in the home. We are both on the title (Deed) and both are on the mortgage but he alone is on the mortgage! If he files for bankruptcy how will that affect my ability to stay in the home? I've been making on the payments on the home and the monthly expenses since july 2009 with child support payments. When my daughter is in school full time in september I will be back to work full time.
I have been a stay at home mom since her birth. Will the banks work with me to stay in the house under the circumstances, also the mortgage is 380,000 and was just appraised at 310,000 and is underwater! Do you think I have a chance in getting the loan remortgaged for 310,000 solely under my name? Is it at all possible....looking into my own bankruptcy attorney for additional advice! What should I do?

hi cathie!

welcome to forums!

as the mortgage is solely in your husband's name, he will have to include it as his debt when he files chapter 7. the trustee may sell off the property and try to pay off his creditors. however, if he reaffirms his mortgage debts, then you'll be able to save the property. however, for this, your husband will have to keep on making the mortgage payments. as you presently do not have a job, it'll be difficult for you to refinance the mortgage in your name right now. once you get a job, then you may apply for a refinance. however, your best option will be to speak to a bankruptcy attorney and get his opinion in this regard.

feel free to ask if you've further queries.

sussane

I have the mortgage on my house but added husband to deed a few years ago. Took him off about a year ago but now he has to file bankruptcy. The house was and is already protected in the deed under the Homestead Act. If this is still considered a fraudulent transfer should I just add him back on before he files?

Hi grasmere!

Welcome to forums!

You've mentioned that you removed your husband from the property deed about a year back. In that case, this property transfer won't be considered as a fraud. However, I would suggest you to take the opinion of the bankruptcy attorney in this regard.

Feel free to ask if you've further queries.

Sussane

My husband wants a divorce and is in a huge amount of debt.We own 2 homes together.The main home is in NJ and he is 2 months behind on mortgage payments because he plans on filing bankrupcy.The second home is in NC and is almost a year in arrears because I'm trying to procure a loan modification and make that my primary residence.Will the bank come after me for any loss on the NJ house if my husband files bankrupcy?Should I let the NC house go and try to keep the NJ house which is deeded to me?

hi karen,

i would suggest you to keep the property which is deeded to you. you should pay off the past due amount and refinance the loan in your name. thus, you would be liable for the mortgage as well as the property. this will also help you in converting that property into your primary residence.

Hello everyone -

My dad is considering BK7 this year 2010. Based on his credit report and from his mortgage lender he's the only account owner/borrower of the mortgage/loan, but on the deed/title his brother name is on it.

Will the lenders and/or creditors get back to his brother? Does his brother needs to file BK also? Will it affect his brother's credit file/history?

Thank you very much,

One more question, will it constitute as a fraudulent transfer if my dad's brother do quitclaim this year (my dad is most likely to do BK7 this year 2010)...

Thanks!

Hi MarraC!

Welcome to forums!

The brother is only on the title of the property and not on the mortgage. Thus, your father's creditor will not be able to go after him for the dues. However, the trustee can sell off the property to pay off your father's creditor. In that case, the brother would lose his property. However, he would not have to file bankruptcy and his credit will not be affected due to your father's bankruptcy filing.

As far as I can understand, the brother would be able to transfer the property to your father but it's better to take the bankruptcy attorney's advice in this regard.

Feel free to ask if you've further queries.

Sussane

Thank you very much, Sussane!

I greatly appreciate your opinion on this matter.

my parents and brother and wife purchased home brother and wife both were on mortage they went bankrupt the house was deeded to my parents brother and wife are separated but wife still lives in house.we want to evict her she is trouble we went to court but judge wants to know if she has ownership rights house was just paid off they continued to pay half

Hi peter!

Welcome to forums!

You will have to check out the property deed in order to know whether or not her name is mentioned on it. If her name is not mentioned on the deed, then you can ask her to leave the property as she doesn't have any legal rights to it.

Feel free to ask if you've further queries.

Sussane

her name is not on deed went to court judge said she my have ownership rights because she was paying1/2 the mortgage we have to prove that we are landlord - tennant she says she is still 1/2 owner this is in new jersey