Posted on: 26th Mar, 2009 12:25 pm
My husband and I are on the deed but not the loan of my sons and his wifes home. Currently my husband and I are living at the property and have assumed the payments. Due to current situations my son is filing for BK and I want him quick claim the property to me. I know that I am half owner of the home and would be willing to work something out with the bank to keeo this property. We are also filing for BK but our attorney said that we could have a chance at keeping the house if they were to quick claim the property. However our problem is convincing the other party. Do you have any advice on how we can keep this property without letting it fall into forclosure. Neither party has filed for BK as of yet and the house is currently current.
You need to file a vesting deed but I would not call it a quick claim. I would get a legitmate "warranty deed" or "gift deed" prepared and get it file.
Then, request a "release of personal liability" from your lender. Since you have already assume the payments you are already personaly liable. Your son and his wife liability needs to be released so they are no longer responsbile for the payments.
Understand, when you assume a loan does not mean that the orginal borrower is not respsonsible for the payments. In most cases they are still liable. So, you need the bank to release their liability and deed their property interest to you and your husband and free them of any ties.
That would be the only legitmate way of this bankruptcy filing not to come after you.
Good luck in your endeavors =)
TaWana S.
www.tawanastegall.com
Then, request a "release of personal liability" from your lender. Since you have already assume the payments you are already personaly liable. Your son and his wife liability needs to be released so they are no longer responsbile for the payments.
Understand, when you assume a loan does not mean that the orginal borrower is not respsonsible for the payments. In most cases they are still liable. So, you need the bank to release their liability and deed their property interest to you and your husband and free them of any ties.
That would be the only legitmate way of this bankruptcy filing not to come after you.
Good luck in your endeavors =)
TaWana S.
www.tawanastegall.com
hi
if your son and his wife are filing bankruptcy, they can sign a quitclaim deed or a warranty deed to give up their interest in the property. then you can continue making payments to save the house or you can also refinance the existing mortgage to pay off the debt.
if you and your husband are filing bankruptcy, you can do the same and your son and his wife can get it refinanced in their names.
however, a transfer like this berfore filing bankruptcy cannot be possible as any transfer within 1 year prior to filing bankruptcy can be considered as invalid.
if your son and his wife are filing bankruptcy, they can sign a quitclaim deed or a warranty deed to give up their interest in the property. then you can continue making payments to save the house or you can also refinance the existing mortgage to pay off the debt.
if you and your husband are filing bankruptcy, you can do the same and your son and his wife can get it refinanced in their names.
however, a transfer like this berfore filing bankruptcy cannot be possible as any transfer within 1 year prior to filing bankruptcy can be considered as invalid.