Posted on: 05th Feb, 2008 11:34 am
I FOUND THIS WEBSITE THIS MORNING AND I AM HOPING TO SEEK ANSWERS. HOPE YOU CAN HELP!
SO HERE GOES...
1. HOME THAT HUSBAND AND I RESIDE IN, IS IN MY FATHER IN LAW'S NAME. WE MAKE THE PAYMENTS. DRAFTED FROM OUR BANK ACCOUNT. NEVER BEEN LATE AND DO THE UP-KEEPS, THE WHOLE NINE YARDS; INSURANCE, ESCROW, ETC... HAS BEEN LIKE THIS FOR FOUR YEARS.
2. HUSBAND AND I ARE UNDER CHAPTER 13. THAT IS WHY THE HOME IS IN HIS NAME. WILL NOT BE DISCHARGED UNTIL 2009.
3. FATHER IN LAW'S HEALTH IS NOT UP TO PARE.
MY QUESTION IS? CAN WE DO A QUIT CLAIM ON "OUR" HOME WHILE UNDER CHAPTER 13? WE HAVE MADE AN APPOINTMENT WITH THE BANK TO TALK WITH THEM ABOUT OUT SITUATION. NEVER BEEN LATE ON BILLS, BUT DUE TO MEDICAL BILLS, HAD NO CHOICE TO FILE CHAPTER 13, FOR MY HUSBAND WAS THE ONLY INCOME AT THE TIME. NOW, I AM BACK AT WORK, HAVE BEEN FOR 2 YEARS. ON OUR FEET AND WOULD LIKE TO PUT THE HOME IN OUR NAME AND OFFER A BUY-OUT ON THE CHAPTER 13.
WHAT IS YOUR ADVICE.
SO HERE GOES...
1. HOME THAT HUSBAND AND I RESIDE IN, IS IN MY FATHER IN LAW'S NAME. WE MAKE THE PAYMENTS. DRAFTED FROM OUR BANK ACCOUNT. NEVER BEEN LATE AND DO THE UP-KEEPS, THE WHOLE NINE YARDS; INSURANCE, ESCROW, ETC... HAS BEEN LIKE THIS FOR FOUR YEARS.
2. HUSBAND AND I ARE UNDER CHAPTER 13. THAT IS WHY THE HOME IS IN HIS NAME. WILL NOT BE DISCHARGED UNTIL 2009.
3. FATHER IN LAW'S HEALTH IS NOT UP TO PARE.
MY QUESTION IS? CAN WE DO A QUIT CLAIM ON "OUR" HOME WHILE UNDER CHAPTER 13? WE HAVE MADE AN APPOINTMENT WITH THE BANK TO TALK WITH THEM ABOUT OUT SITUATION. NEVER BEEN LATE ON BILLS, BUT DUE TO MEDICAL BILLS, HAD NO CHOICE TO FILE CHAPTER 13, FOR MY HUSBAND WAS THE ONLY INCOME AT THE TIME. NOW, I AM BACK AT WORK, HAVE BEEN FOR 2 YEARS. ON OUR FEET AND WOULD LIKE TO PUT THE HOME IN OUR NAME AND OFFER A BUY-OUT ON THE CHAPTER 13.
WHAT IS YOUR ADVICE.
You cannot transfer a property interest you do not have. Check with your BK lawyer about Ch. 13 effects.
Hi MCASON15,
Welcome to the forum.
Your father in law will have to quitclaim to both of you. He will be the Grantor and you and your husband will be Grantee.
But quitclaim will not transfer the financial responsibilities. So you need to take the loan to your name. You should consult with a Bk lawyer about this.
Thanks.
Larry
Welcome to the forum.
Your father in law will have to quitclaim to both of you. He will be the Grantor and you and your husband will be Grantee.
But quitclaim will not transfer the financial responsibilities. So you need to take the loan to your name. You should consult with a Bk lawyer about this.
Thanks.
Larry
I FOUND THIS WEBSITE THIS MORNING AND I AM HOPING TO SEEK ANSWERS. HOPE YOU CAN HELP!
SO HERE GOES...
1. HOME THAT HUSBAND AND I RESIDE IN, IS IN MY FATHER IN LAW'S NAME. WE MAKE THE PAYMENTS. DRAFTED FROM OUR BANK ACCOUNT. NEVER BEEN LATE AND DO THE UP-KEEPS, THE WHOLE NINE YARDS; INSURANCE, ESCROW, ETC... HAS BEEN LIKE THIS FOR FOUR YEARS.
2. HUSBAND AND I ARE UNDER CHAPTER 13. THAT IS WHY THE HOME IS IN HIS NAME. WILL NOT BE DISCHARGED UNTIL 2009.
3. FATHER IN LAW'S HEALTH IS NOT UP TO PARE.
MY QUESTION IS? CAN WE DO A QUIT CLAIM ON "OUR" HOME WHILE UNDER CHAPTER 13? WE HAVE MADE AN APPOINTMENT WITH THE BANK TO TALK WITH THEM ABOUT OUT SITUATION. NEVER BEEN LATE ON BILLS, BUT DUE TO MEDICAL BILLS, HAD NO CHOICE TO FILE CHAPTER 13, FOR MY HUSBAND WAS THE ONLY INCOME AT THE TIME. NOW, I AM BACK AT WORK, HAVE BEEN FOR 2 YEARS. ON OUR FEET AND WOULD LIKE TO PUT THE HOME IN OUR NAME AND OFFER A BUY-OUT ON THE CHAPTER 13.
This loan can't be treated as a refi...adding yourself to title can actually violate the terms of your BK.....in order to take on new debt......you need to get permission from your trustee......The best way to handle this.......would be to do a gift of equity purchase......DO NOT DO A QUIT CLAIM until after you have spoken with the trustee.....
WHAT IS YOUR ADVICE.
SO HERE GOES...
1. HOME THAT HUSBAND AND I RESIDE IN, IS IN MY FATHER IN LAW'S NAME. WE MAKE THE PAYMENTS. DRAFTED FROM OUR BANK ACCOUNT. NEVER BEEN LATE AND DO THE UP-KEEPS, THE WHOLE NINE YARDS; INSURANCE, ESCROW, ETC... HAS BEEN LIKE THIS FOR FOUR YEARS.
2. HUSBAND AND I ARE UNDER CHAPTER 13. THAT IS WHY THE HOME IS IN HIS NAME. WILL NOT BE DISCHARGED UNTIL 2009.
3. FATHER IN LAW'S HEALTH IS NOT UP TO PARE.
MY QUESTION IS? CAN WE DO A QUIT CLAIM ON "OUR" HOME WHILE UNDER CHAPTER 13? WE HAVE MADE AN APPOINTMENT WITH THE BANK TO TALK WITH THEM ABOUT OUT SITUATION. NEVER BEEN LATE ON BILLS, BUT DUE TO MEDICAL BILLS, HAD NO CHOICE TO FILE CHAPTER 13, FOR MY HUSBAND WAS THE ONLY INCOME AT THE TIME. NOW, I AM BACK AT WORK, HAVE BEEN FOR 2 YEARS. ON OUR FEET AND WOULD LIKE TO PUT THE HOME IN OUR NAME AND OFFER A BUY-OUT ON THE CHAPTER 13.
This loan can't be treated as a refi...adding yourself to title can actually violate the terms of your BK.....in order to take on new debt......you need to get permission from your trustee......The best way to handle this.......would be to do a gift of equity purchase......DO NOT DO A QUIT CLAIM until after you have spoken with the trustee.....
WHAT IS YOUR ADVICE.
