Posted on: 08th Dec, 2009 07:19 pm
i am not on note but on deed . house is inforeclosure status but judge wont foreclose because mortgage company did not put me on note although i was on deed and other irrgularities.
my ex wants to include mortgage debt in bankruptsy and sign a quit claim deed for her half.
she not transferring ownership i am already on deed.
does this mean mortgage company wont have any claim on proprerty ?
my ex wants to include mortgage debt in bankruptsy and sign a quit claim deed for her half.
she not transferring ownership i am already on deed.
does this mean mortgage company wont have any claim on proprerty ?
you said your wife wants to do a quit claim deed, yet you also said she's not ceding any rights to the property. well, the definition of the quit claim is that she is, literally, "quitting" her "claim" to the property, and apparently it's to you. it makes sense.
Hi CHANGEDMOON,
As your name is not on the mortgage, you won't have to worry about paying off the mortgage dues. If your ex signs her portion of the property to you, then it would be considered as a transfer of ownership by the bankruptcy court. This can be considered as a fraudulent activity and she can be penalized for it.
Moreover, the bank holds the lien on the property. If the bank does not get it's payment dues on time, then it can definitely foreclose the property.
As your name is not on the mortgage, you won't have to worry about paying off the mortgage dues. If your ex signs her portion of the property to you, then it would be considered as a transfer of ownership by the bankruptcy court. This can be considered as a fraudulent activity and she can be penalized for it.
Moreover, the bank holds the lien on the property. If the bank does not get it's payment dues on time, then it can definitely foreclose the property.
now keep in mind that someone who is not obligated on a mortgage note will still lose a home in foreclosure if that person doesn't make payments, even though not obligated. a foreclosure will still take the home from someone who is not responsible for payments. i wonder, really, how many people don't recognize the gravity of this concept.