Posted on: 04th Aug, 2011 01:08 pm
hi there,
my ex & i have been divorced for over a year. our house is in both names on title & loan. he has been living in the house but because of his extremely high debt to income (89%) he was denied a loan to refinance it into his name. my bank just told me that they will allow him to quit deed the house to me to get his name off the title. he is ready to file bankruptcy so i'm wondering if when he does file, will it affect me if i am keeping the loan?
my ex & i have been divorced for over a year. our house is in both names on title & loan. he has been living in the house but because of his extremely high debt to income (89%) he was denied a loan to refinance it into his name. my bank just told me that they will allow him to quit deed the house to me to get his name off the title. he is ready to file bankruptcy so i'm wondering if when he does file, will it affect me if i am keeping the loan?
If he signs the quitclaim, that only releases him as owner, per title. He is still responsible for the mortgage. If he files the BK, since you were joint, I have seen it will affect your credit. It should be addresses and worked out with him at the trustee meeting.
mortgage company want to give me money for liue of deed instead of going into foreclosure what does this mean im 20 months behind in payments
mortage company want 2 give me money in lieu of deed whats this mean
Your lender is probably giving you money to relocate by giving up the deed. Its sometimes called cash for keys. Your biggest issues, other than the impact to your credit, is whether or not the lender has a right to a deficiency judgement. If your state allows for the deficiency, then the lender can come after you for up to 20 yrs to collect the balance owned. Also, there is tax implications by settling for less than account balance. Contact your state department of real estate and find out if you live in a deficiency state, and talk to a tax professional about the tax implications. Also, on the paperwork from the lender, there should be a clause stating that they will or will not pursue a deficiency.
how much money do they give you for liue of deed they told me come up with a number by monday
I dont believe that there is a set number. I have some files where they are short sales, and one owner is getting nothing, while on another file, she is getting over 6k. I would ask for atleast 1st and last to be able to get an apartment or rent a home.
what can happen if i dont take the lien of deed buyout or cash for keys?
Then you would have to cure the default or try to short sell your home, or face the foreclosure. If you cant make the payments, and you are offered the DIL, you should probably take it. If you can make your payments, thats different story.