Posted: Tue Dec 09, 2008 12:23 pm Post subject: Ex husband filed bank rupcty chapter 7 and he had a loan/lei
My x husband filled bank ruptcy chapter 7. My concern is I have a quick claim deed but he had a loan from BOA and it was a loan for (personal,family, household purposes & personel investment) they used our home for a lein. I wanted to know will the bank come after me. My husbands name is the borrower and the account is on his name. They have my name as the grantor. But since we are divorced and I filed a quick claim during the divorce what will happen to my house. I have been making my mortgage paymnets and will continue to do so I just want to know were do I stand?
If your name in not on the mortgage docs, then the bank will not come after you neither will your credit be affected. You have mentioned that you have quitclaimed the property to your ex-husband, then I guess your name is not on the deed even. Thus, the lender cannot make you liable for the mortgage.
Posted: Thu Dec 11, 2008 2:13 pm Post subject: Loan verses bankrupcy
Maybe I should make myself clear. My husband got a home lone of credit (home equity loan) when we were married. He is the borrower and I am the grantor according the docs so that right there puts my house in a lein. My question is since he filed chapter 7 with BOA and his persol credit.
Will BOA have a Foreclosre on my home. I pay the primary mortage on time. I have the the deed do my home. Also is it possible that the 2nd mortgage bank can buy my primary my house? Do I wait till I hear from the BOA?
You have mentioned that you are the grantor. Did you quitclaim the property to him against which the loan was taken? Or is the property in your name whereas the loan was taken by both of you? As far as I can understand if the property is in your husband's name then it can be liquidated to pay off the creditors. _________________ Procrastination is the enemy of your financial sucess
If the bank used your home to secure a home equity line of credit when you were both married, then you will continue to have to pay them in order to keep your home. Your ex-husband's bankruptcy does not make their lien go away. Also, the quitclaim deed doesn't affect the bank's 2nd position lien. Regardless of who the bank has as the primary borrower, grantor, or whatever, the only thing that matters is WHO SIGNED THE NOTE, and WHO SIGNED THE DEED OF TRUST (OR MORTGAGE). If both of you signed the promissory note, and both of you signed the mortgage, then YES, the bank will expect you to make their monthly payment, or they can foreclose, since you are a joint obligor. Since your husband has filed Bankruptcy, the bank is "stayed" from contacting him, so most likely, they will contact you. Now, if your ex-husband was ORDERED in the Divorce Decree to pay certain debts, obligations, child support, alimony, etc., that is a different matter, but one between you and him, (not the Bank). Some of these obligations, such as child support, are NOT dischargeable in Bankrupcy. If that is the case, you will need to have a Bankruptcy Lawyer in you area look at the Divorce and Bankruptcy papers to see if you have any recourse.
Posted: Mon Jun 01, 2009 3:38 pm Post subject: chapter 7 divorced x husband name is on morrtgage
ok here it goes I have been divorced since August 08 have quick claim under my name, my x husband name is on our mortgage, he filed for chapter 7 were will that leave me with my home?
When the property was transferred to you, didn't you refinance the mortgage in your name? If your husband has included the mortgage in his bankruptcy, then there's a chance that you may lose the property. I would suggest you to contact a bankruptcy lawyer and discuss your options with him.
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