Compare Mortgage Quotes

rosenrotroslein · Joined: 01 Aug 2008 Posts: 2 1.59 Dollars($)

As part of our divorce settlement my ex is signing an interspousal transfer deed. He plans on filing for bankruptcy. His name will still be on the mortgage. How will his bankruptcy effect my house and credit.

ckalvesmaki · Posted: Fri Aug 01, 2008 12:08 pm Post subject:

You would be better off getting a refi in your name. How the home is title is a mute point......the lender can and will foreclose. A BK does not forgive the debt...when it comes to a house. If a notice of default is filed it will be impossible for you to do anything but give up the house. You will not be able to just redeem the mortgage.

Niicss · Posted: Sat Aug 02, 2008 6:11 am Post subject:

Welcome rosenrotroslein .

I agree with Cedric that you should refinance the mortgage when your ex sign the interspousal transfer deed and transfer the property to you. Then even if you ex file BK you credit will not affect or the property.

Let me know if you have any further queries.

rosenrotroslein · Joined: 01 Aug 2008 Posts: 2 1.59 Dollars($)

I am concerned about re-financing now because of the interest rate. I have 5.4 now and last I looked it was 6.6. I don't think I can afford the payments. Is it possible for the mortgage company to simply remove his name?

helping_user · Posted: Mon Aug 04, 2008 11:37 pm Post subject: RE: remove spouse name from loan

Hi Rosenrotroslein,

Chances are very less for the lender to remove your name without a refinance. At times, they do allow for a novation but you have to ask your lender about it. One more thing, what type of bankruptcy is your husband filing? is he including the mortgage in it?

Thanks.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

interspousal transfer and bankruptcy with divorce.