Posted on: 13th May, 2009 02:43 pm
I need to quick claim our surrenderd home in BK, recieved my discharge i want to give back to the first mortagage holder so i can have no interest in home? and to have no more responcibilty with home!
hi acip!
welcome to forums!
you haven't mentioned the type of bankruptcy you had filed. if you had filed for chapter 13 bankruptcy and got it discharged, the lender would give you a repayment plan and you would have to clear the dues within 3-5 years.
however, if you had filed chapter 7 bankruptcy and did not reaffirm the debts after discharge, then you can surrender your property to the lender. however, before signing the quitclaim deed in your lender's favor, i would suggest you to have a word with your bankruptcy attorney and the lender in this regard.
feel free to ask if you have further queries.
sussane
welcome to forums!
you haven't mentioned the type of bankruptcy you had filed. if you had filed for chapter 13 bankruptcy and got it discharged, the lender would give you a repayment plan and you would have to clear the dues within 3-5 years.
however, if you had filed chapter 7 bankruptcy and did not reaffirm the debts after discharge, then you can surrender your property to the lender. however, before signing the quitclaim deed in your lender's favor, i would suggest you to have a word with your bankruptcy attorney and the lender in this regard.
feel free to ask if you have further queries.
sussane
Hey Sussane...If one files for Chapter 13, the bankruptcy is discharged after the person pays off the debts according to the new plan given by the lender.