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Guest

My ex-wife and I owned a home in Wisconsin. We were divorced in 2005, and she signed a quitclaim deed, giving me the home and property, but her name was still on the mortgage loan because I did not refinance. She filed chapter-7 bankruptcy in 2007 and as a result received a discharge of the mortgage on the house that I continued to live in and make monthly payments on until recently. My second wife and I purchased a home in Minnesota, and I abandoned my Wisconsin home. The Mortgage company served me with papers stating that foreclosure will begin. My question is, did I automatically receive a discharge of the mortgage account because of my ex-wife's bankruptcy?

Thanks!

smithsussane · Posted: Wed Sep 08, 2010 8:57 pm Post subject:

Hi Guest!

Welcome to forums!

As you did not file bankruptcy jointly with your ex-wife, you have not received a discharge from the mortgage. You're still liable for the mortgage payments. If the property is foreclosed by the lender, it will be mentioned in your credit report and you would be liable for the balance amount resulting from the sale.

Feel free to ask if you've further queries.

Sussane

Guest

Hi Sussane,
That's not the answer I was hoping for, but thanks very much for your reply!!!

smithsussane · Posted: Thu Sep 09, 2010 10:25 pm Post subject:

Hi Guest!

Welcome to forums!

I can understand your disappointment. But there's hardly anything you can do in this regard.

Feel free to ask if you've further queries.

Sussane

Guest

Okay, one more question. I would like to sign over the deed to my lender (Deed in Lieu of foreclosure) but my lender wants to see my current income and tax return details. I don't want to give them any of my personal information. Can I simply get the deed, sign it, and send it to them? If I did that, would they have to accept it?

adonis · Posted: Sun Sep 12, 2010 11:04 pm Post subject:

Welcome Guest,

A lender will agree to your request for a deed in lieu of foreclosure only if you are facing a financial hardship. Your current income and tax return details will help your lender to determine your financial hardship. That's reason why he is asking for these information.

Guest

Thanks for your reply, adonis! I assume why my lender wants my personal information is if they determine that I CAN afford to continue to make payments, they will probably sue me for whatever they can recover. But if they determine that I am poor or otherwise cannot afford to make payments, they will then not bother to go after me, and will simply accept the signed deed and write off the account as a loss. (Is my assumption correct?). Well, what happens if I sign the deed and send it to them without their permission or agreement? Would they HAVE to accept it?

Please take a look at this web site and then comment on it: lonestarlandlaw.com/Deeding-Property.html

Thanks again!

smithsussane · Posted: Mon Sep 13, 2010 10:21 pm Post subject:

Hi Guest!

Welcome to forums!

In case of a deed in lieu of foreclosure, the lender will forgive the balance dues resulting from property sale. However, if the lender finds that your financial situation is well enough, then he won't accept your request for a deed in lieu of foreclosure.

Feel free to ask if you've further queries.

Sussane

Guest

What about that website link that I posted? Would that work in other states besides Texas? It might be worth a try. What harm could it do?

smithsussane · Posted: Thu Sep 16, 2010 11:23 pm Post subject:

Hi Guest!

Welcome to forums!

You can deed your property to your lender. But it will still lead to a foreclosure and will affect your credit score in a negative way.

Sussane

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Ex-Wife filed chapter-7. Do I also get a debt discharge?