Posted on: 20th Jan, 2011 05:11 pm
my chapter 7 bankruptcy discharged september of 2010. i filed individually and i did not reaffim my loan. my husband and i are soon to file for divorce. he has been in the property since i moved back to ca january 2010 and the property is in las vegas, nv. he is currently 5 months behind on loan and is approaching foreclosure. i know i am protected by bankruptcy law as in gmac trying to collect from me. my husband wants to try to modify the loan i declined to do it with him because i do not want to be financially responsible. he is unemployed and he can provide proof that he has renter income to cover loan if he gets granted the modification.
all that said, he needs for me to sign a quit claim deed. i am willing to sign as long as i do not involve myself financially. he is willing to si#1n an agreement when we divorce if the house gains equity he will cash a certain amount also, any reason why my bankruptcy did not have me sign a quit claim deed? my guess is because i have an interest in the house if equity accumilates equity, i want a portion.
-will signing a quit claim deed place me in any kind of financial responsibility?
all that said, he needs for me to sign a quit claim deed. i am willing to sign as long as i do not involve myself financially. he is willing to si#1n an agreement when we divorce if the house gains equity he will cash a certain amount also, any reason why my bankruptcy did not have me sign a quit claim deed? my guess is because i have an interest in the house if equity accumilates equity, i want a portion.
-will signing a quit claim deed place me in any kind of financial responsibility?
Welcome nina,
Signing a quitclaim deed will help you in removing your name from the property deed. It will not make you financially responsible for the mortgage payments.
Signing a quitclaim deed will help you in removing your name from the property deed. It will not make you financially responsible for the mortgage payments.