Posted on: 23rd Dec, 2009 09:47 pm
in my divorce decreed the judge awarded the house to my ex-wife. i am the only one on the loan for the house. she wants me to sign a quit claim deed to transfer title of the property to her. now she just filled chp 13 bankrputcy, will i be stucked with the loan in my name? can i show the bank the court papers and have them refinance the home in her name? do i need to go back to court and have a specific date put on the decree of when she will transfer the loan in her name?
thanks
thanks
Hi Guest,
Once you sign the quitclaim deed, it will transfer the ownership to your ex-wife. But it will not take your name off the mortgage. She needs to refinance the loan in her name to remove you from the loan. But given the fact that she has filed bankruptcy Chapter 13, she will not be able to refinance the loan immediately. In such a situation, if she stops the mortgage payments, your credit will get affected because your name is on the loan. I think you should go back to court and either force a sale of the house or give her some timeframe within which she has to refinance the loan in her name.
Once you sign the quitclaim deed, it will transfer the ownership to your ex-wife. But it will not take your name off the mortgage. She needs to refinance the loan in her name to remove you from the loan. But given the fact that she has filed bankruptcy Chapter 13, she will not be able to refinance the loan immediately. In such a situation, if she stops the mortgage payments, your credit will get affected because your name is on the loan. I think you should go back to court and either force a sale of the house or give her some timeframe within which she has to refinance the loan in her name.