Posted on: 24th Aug, 2007 06:58 am
the divorce decree between my ex-husband and i states he will sign a quit claim deed to the house we own together. he is also on the mortgage. he is currently in a huge amount of credit card debt. there is a good chance creditors will come after him at some point or he will declare bankruptcy. if the quit claim deed is signed and filed properly but he is still on the mortgage, can creditors come after my house?
yes, i plan to go through the qualified loan assumption process to take over the mortgage myself. that is just not possible right now.
thank you!
yes, i plan to go through the qualified loan assumption process to take over the mortgage myself. that is just not possible right now.
thank you!
After the house is in your name, creditors of your ex husband cannot put any claim on the house.
They will be able to recover their dues only from what he owns.
But mortgage company can foreclose as he is still on the mortgage and the house has been used as collateral for the loan.
They will be able to recover their dues only from what he owns.
But mortgage company can foreclose as he is still on the mortgage and the house has been used as collateral for the loan.
"If the quit claim deed is signed and filed properly but he is still on the mortgage, can creditors come after my house? "
After the deed is in your name other creditors for credit card debts will not be able to come after the house but lender would be able to.
If your ex-husband stops making mortgage payments then lender can foreclose and sell the house even if he is not on the title.
Miller
After the deed is in your name other creditors for credit card debts will not be able to come after the house but lender would be able to.
If your ex-husband stops making mortgage payments then lender can foreclose and sell the house even if he is not on the title.
Miller
As long as you and your husband on the mortgage loan together you are both responcible for the housepayments and should the payments stop the lender will come and foreclose on the house.
The quit claim deed just eliminates the house as an asset for your husband that is likely going to help him qualify for the bankrupsy.
As far as all the other debts your husband has they cannot do anything concerning the house because the house was not used as a colateral for the credit cards and the loans. Therefor e creditors will not be able to take the house unless they are the mortgage lender.
Make sure your husband takes you off on all the credit cards that you guys had a joint account before he is doing bancrupsy othervise your credit might suffer.
The quit claim deed just eliminates the house as an asset for your husband that is likely going to help him qualify for the bankrupsy.
As far as all the other debts your husband has they cannot do anything concerning the house because the house was not used as a colateral for the credit cards and the loans. Therefor e creditors will not be able to take the house unless they are the mortgage lender.
Make sure your husband takes you off on all the credit cards that you guys had a joint account before he is doing bancrupsy othervise your credit might suffer.
