Posted on: 07th Oct, 2009 09:45 am
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i have a mortgage on 2 pieces of property (one beach trailer in sc and one home in nc). i have made down payments on both and am the primary person on both loans. i have paid for all upgrades to both properties and made all payments on the trailer. he paid half of the payments on the nc home except for on partial since oct. 1, 2008. i did allow his name to be on the mortgages. we have now split and he is considering bankruptcy. i was counting on quit claim deeds to transfer all rights of ownership to me rather than trying to refinance. how will his bankruptcy affect me? can you do a quit claim deed in sc for a trailer?
i have a mortgage on 2 pieces of property (one beach trailer in sc and one home in nc). i have made down payments on both and am the primary person on both loans. i have paid for all upgrades to both properties and made all payments on the trailer. he paid half of the payments on the nc home except for on partial since oct. 1, 2008. i did allow his name to be on the mortgages. we have now split and he is considering bankruptcy. i was counting on quit claim deeds to transfer all rights of ownership to me rather than trying to refinance. how will his bankruptcy affect me? can you do a quit claim deed in sc for a trailer?
Hi Pat!
Welcome to forums!
If he transfers the property to you, then he won't be able to file bankruptcy immediately. Such a transfer can be considered fraudulent by the bankruptcy court. He will have to wait for at least a year and then file bankruptcy.
As far as the mortgage is concerned, it will be mentioned in his bankruptcy. As you are not jointly filing, it will be mentioned in your credit report that the mortgage was included in others' bankruptcy filing.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If he transfers the property to you, then he won't be able to file bankruptcy immediately. Such a transfer can be considered fraudulent by the bankruptcy court. He will have to wait for at least a year and then file bankruptcy.
As far as the mortgage is concerned, it will be mentioned in his bankruptcy. As you are not jointly filing, it will be mentioned in your credit report that the mortgage was included in others' bankruptcy filing.
Feel free to ask if you've further queries.
Sussane