Posted: Mon Nov 03, 2008 12:46 pm Post subject: quit claim deed
My sister's name is on the home title, but not on the mortgage loan. I might file for bankruptcy or foreclose on my home. Will her credit be affected? Can she file for a quit claim deed?
I don't think her credit will be affected as her name is not on the mortgage. However, the lender may ask her to pay the debts as her name is on the property title. If she pays the dues, she will be able to save the property. As far as I know she can quitclaim back the property to you but I would advice you to take some legal help.
Posted: Wed Dec 03, 2008 11:43 am Post subject: quit claim
I have been dealing with illness ( my son's bone cancer and myself breast cancer) for past 10 years and build up a huge debt. Last year I talked to an attorney for filling a bankruptcy. Since I had a quit claim on 2 properties, they said I need to wait 2 years. The purpose of the quit claim was that my son and my daughter live in 2 condos which they rented it from a friend. They wanted to purchase the property so we wrote a contract and applied for mortgage, but since this complex is been through hard time and has so many forclosures, lenders found it unwarrentable and did not lend a mortgage. This has been happening to any buyer interested in this complex. I asked the friend to quit claim the property to my name so I can apply for a line of credit and pay him off. For that time this seemed the best solusion. So he did. We worte another contract for the purchase of the property and a promissory note for the value of the both properties. When the quit claim was recorded, I applied for a line of credit but at this time lenders were gettting tight and when they looked at my credit they denied any line of credit. so I had to quit claim the properties back to the origingal owner. We did not have any illigal purpose in this matter and all was in a good intention. I have all the documents to prove this. These all happend past Feb. & March. I need to apply for bankruptcy now, do the creditors go after those two properties? If they do, How much longer do I need to wait. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
I think you should go with what the lawyers have said. If you file bankruptcy now, there are chances that the property transfer can be considered fraudulent. I think you should wait for one more year.
Posted: Wed Dec 10, 2008 11:07 am Post subject: own Land with my brother and sister
I am going to file chapter 7, but I have land with my brother and sister on the title. It is pay off and it was given to through my father's pasting. Can I just have my name taken off the deed or will they have to sell the land. or divide it up and they keep their part.
I think, if federal exemptions are allowed in your state, then according to that exemption, the other owners of the property will get their share of the property once it is liquidated. If federal exemptions are not allowed, then state exemptions will be considered. The whole property will be liquidated and the other owners will get their share of the property in form of money. The person filing bankruptcy will have to pay the creditors from his share of the property.
Thanks. _________________ Good is the Enemy of Great.
Posted: Sun Dec 21, 2008 8:35 pm Post subject: quit claim and bankruptcy
My mother co-signed a loan with me on the purchase of a home. She will probably need to file bankruptcy due to credit card debt - how do I ensure that my home is protected? Should I have her file a quit claim to me and then she can continue with the bankruptcy?
Your mother can look out for a debt consolidation or a debt settlement in order to come out of the credit card debts. In my opinion, these are better ways than filing bankruptcy. In debt consolidation, the interest rates will be reduced whereas in debt settlement, the payments will be reduced by 40%-60% depending upon her situation. I know of a debt consolidation company - "debtconsolidationcare.com". She can speak to the financial coach over there.
As far as removing a co-signer from the loan is concerned, you will have to speak to the lender. If your credit is not good, then I don't think the lender will be ready to remove her from the loan. May be you will have to find out another person who will co-sign for you. _________________ Procrastination is the enemy of your financial sucess
jameshogg
I have been dealing with illness ( my son's bone cancer and myself breast cancer) for past 10 years and build up a huge debt. Last year I talked to an attorney for filling a bankruptcy. Since I had a quit claim on 2 properties, they said I need to wait 2 years. The purpose of the quit claim was that my son and my daughter live in 2 condos which they rented it from a friend. They wanted to purchase the property so we wrote a contract and applied for mortgage, but since this complex is been through hard time and has so many forclosures, lenders found it unwarrentable and did not lend a mortgage. This has been happening to any buyer interested in this complex. I asked the friend to quit claim the property to my name so I can apply for a line of credit and pay him off. For that time this seemed the best solusion. So he did. We worte another contract for the purchase of the property and a promissory note for the value of the both properties. When the quit claim was recorded, I applied for a line of credit but at this time lenders were gettting tight and when they looked at my credit they denied any line of credit. so I had to quit claim the properties back to the origingal owner. We did not have any illigal purpose in this matter and all was in a good intention. I have all the documents to prove this. These all happend past Feb. & March. I need to apply for bankruptcy now, do the creditors go after those two properties? If they do, How much longer do I need to wait.
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