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Quitclaim prior to bankruptcy - How does it affect?

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dev Guest	Posted: Thu Apr 09, 2009 7:54 am    Post subject: just help Like 0 Dislike 0 Three years ago we did our mom a huge favor. My husband and I refinanced our home and purchased the rental home my mom was living in, as an investment, and to assure her living arrangements. Well my mom has decided in these horrendous economic times to move out and rent another property. Nice loving Mormon family right. We are under-water(who is not in Vegas) about 50,000$ in the rental home. My question, should my husband quit claim me the property, divorce me and I let the property go into foreclosure, under my name so his good credit is not threatened? and we do not lose our primary residence to the lenders. Desperate times conjures up difficult decisions. Perhaps someone out there can share some thoughts, advice...thank you..( we have been married for 29 years)
adonis Joined: 22 Oct 2005 Posts: 10267 Location: ALASKA 1046.07 Dollars($)	Posted: Thu Apr 09, 2009 11:13 pm    Post subject: Like 0 Dislike 0 Hi dev, I don't think it's a good option for your husband to quit claim the property to you, divorce you and then you let the property go into foreclosure. Are you current on mortgage payments? If you are not current on your mortgage payments, then you should apply for a loan modification. This will help you in saving the property as well as your husband's credit score. _________________ Procrastination is the enemy of your financial success
dev Guest	Posted: Fri Apr 10, 2009 9:49 am    Post subject: Thank you adonis for your thoughts and ideas Like 0 Dislike 0 The only problem. We are up to date on the mortgage payments. But loan modifications are difficult when you own more than what the house would be appraised for or what the property is worth. With resignation we have decided to gut the house, invest oodles of elbow grease, some money and just put it on the rental market. For everyone out there, let this be a learning experience. Sometimes your family members are haters and would rather pay a stranger 1200.00$ a month than a family member who used their primary residence equity to purchase their house so they would always have a roof over their head, and we even took a loss every month to keep their rent low. Sure of course "families can be together forever", GAWD I hope not. Thanks for letting me vent everyone. Enjoy your day.....
adonis Joined: 22 Oct 2005 Posts: 10267 Location: ALASKA 1046.07 Dollars($)	Posted: Fri Apr 10, 2009 11:05 pm    Post subject: Like 0 Dislike 0 Hi dev, I can understand that your are facing a tough time. If you want to sell off the property, you can apply for a short sale as well. This will help you in selling off the property. Your credit score will be lowered by 75-100 points but you'll have to pay the deficient amount resulting from the sale of the property. You can write a hardship letter to the lender and apply for a short sale.
NanceJScott@gmail.com Guest	Posted: Sat Apr 11, 2009 2:57 pm    Post subject: Divorce and Bankruptsy Like 0 Dislike 0 My husband and I are in the middle of divorce. I have good credit. We have a home together, I have no credit cards etc. in my name. He has several only in his name, and is filing bankruptcy. Since I haven't signed any divorce papers or anything. Will I be responsible for the debts he owes. We have a home together in both our names he is also filing bankrupt on it also will this affect me?We are getting ready to put it up for sell. How will this affect me. I
smithsussane Joined: 18 Sep 2008 Posts: 10045 Location: Alaska 921.83 Dollars($)	Posted: Sun Apr 12, 2009 10:16 pm    Post subject: Like 0 Dislike 0 Hi NanceJScott! Welcome to forums! If your husband is filing bankruptcy for the credit cards and the house, I don't think your credit will be effected. This is because he is filing the bankruptcy for his debts. He will have to list all assets that he owns, either singly or jointly with you while filing bankruptcy. Thus, your name will be mentioned in his schedule of assets if you and he own anything jointly. But your credit is your own credit. Your husband's financial condition should not have any effect on your credit. Feel free to ask if you have further queries. Sussane
Lyssa Guest	Posted: Mon Apr 13, 2009 11:57 am    Post subject: buying a house through a trust Like 0 Dislike 0 My husband and I want to buy a house in an "owner will carry" situation. The house is owned by a land trust which is the second "owner" of the property. The trust paid the first owners not to foreclose, and took over the payments directly to the bank. The first owners still have the note in their name. We would be buying this house by buying the land trust that owns the house, and we would also be paying directly to the bank. If we do this, what kind of ramifications could there be because the note is still in the first owners name? If the first owners file bankruptcy, could the bank take the house even though we are paying on it?
adonis Joined: 22 Oct 2005 Posts: 10267 Location: ALASKA 1046.07 Dollars($)	Posted: Tue Apr 14, 2009 1:23 am    Post subject: Like 0 Dislike 0 A query similar to yours has been answered in the given link: http://www.mortgagefit.com/propertytransfer/about20513.html#88513 Please take a look. Hope it will help you.
marina Guest	Posted: Thu Apr 16, 2009 5:41 pm    Post subject: quit claim and bankruptcy Like 0 Dislike 0 my ex hubby and i got divorced in july 2008 in november he filed for bankrutcy. i found out this month that my house payment hasnt been made since January,(which means there 10k in the account that i pay with) and they say its because he filed bankrutcy,it was just discharged in march, they say hes still on the account and that froze the mortgage,why was it froze if he quit claimed it to me.he has no finacila obligation and now my credits get ruined,what can i do.
smithsussane Joined: 18 Sep 2008 Posts: 10045 Location: Alaska 921.83 Dollars($)	Posted: Thu Apr 16, 2009 9:52 pm    Post subject: Like 0 Dislike 0 Hi marina! Welcome to forums! If the property was quitclaimed to you and if you had refinanced the mortgage in your name, then he will not be able to include that property in the bankruptcy. You need to contact a lawyer and discuss your options with him. Sussane
yholac Guest	Posted: Mon Apr 27, 2009 2:12 am    Post subject: quit claim Like 0 Dislike 0 my brother have filed a quit claim two years ago and now he is having problems with his creditors! can the creditors put a lien to the property?
jameshogg Joined: 20 Dec 2005 Posts: 10164 Location: Nevada 944.24 Dollars($)	Posted: Mon Apr 27, 2009 9:07 pm    Post subject: Like 0 Dislike 0 Hi yholac, If your brother has filed a quitclaim deed and transferred the property in his name, then his creditors can place lien on that property. However, if he had transferred the property to someone else then creditors can't place lien on that property. Thanks
garygary Guest	Posted: Thu Apr 30, 2009 9:31 pm    Post subject: personal property Like 0 Dislike 0 My sister in law quit claim deeded her home to me 4 years ago. I need to file bankruptcy and the lawyer told me that I have a part in the home because my sister in law has a life estate in the home. So both of us have 50/50 in the house. The lawyer said my part is $50,000. and I would half to pay that to the trustee and file chapter 13, I want to know if I half to do this or do I half to count the property.
smithsussane Joined: 18 Sep 2008 Posts: 10045 Location: Alaska 921.83 Dollars($)	Posted: Mon May 04, 2009 1:02 am    Post subject: Like 0 Dislike 0 Hi gary! Welcome to forums! I guess you are not including the mortgage of this property while filing bankruptcy. That's the reason why the lawyer has asked you to pay off the amount to the trustee in order to remove your name from the mortgage as well as the property deed. As far as I know, you'll have to pay off the amount to the trustee. Sussane
sheril Guest	Posted: Wed May 06, 2009 5:49 am    Post subject: Like 0 Dislike 0 well its been 1yr since i bought my property of my ex but knw i heard hes goin bankrupt will that effect my house

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