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Quitclaim prior to bankruptcy - How does it affect?

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Andrea Guest	Posted: Tue Jun 30, 2009 11:08 am    Post subject: Bankruptcy Like 0 Dislike 0 Hi and thank you again. He is planning to file a Chapter 7 bankruptcy. Thank you, Andrea
adonis Joined: 22 Oct 2005 Posts: 10267 Location: ALASKA 1046.07 Dollars($)	Posted: Tue Jun 30, 2009 9:03 pm    Post subject: Like 0 Dislike 0 Hi Andrea, As your husband is planning to file Chapter 7 bankruptcy, he can reaffirm the mortgage after the bankruptcy is discharged. Once he reaffirms the mortgage, he will become personally liable to pay the mortgage. If he makes regular payments, he'll be able to save his property. _________________ Procrastination is the enemy of your financial success
dodo111249 Guest	Posted: Wed Jul 08, 2009 12:18 pm    Post subject: quit claim deed Like 0 Dislike 0 we filed and recorded a quit claim deed of property we own to our sons before we filed bankruptcy 4 years ago. we now need to sell the property how can we get it back in our name or can we and sell the property (texas)
jameshogg Joined: 20 Dec 2005 Posts: 10164 Location: Nevada 944.24 Dollars($)	Posted: Wed Jul 08, 2009 11:55 pm    Post subject: Like 0 Dislike 0 Hi dodo, You'll have to ask your sons to quitclaim the property back to you. Once they do so, then you can sell off the property. Thanks
Bobby Davids Guest	Posted: Tue Aug 18, 2009 5:05 pm    Post subject: claimed bankruptcy Like 0 Dislike 0 My ex-wife was awarded the house in our divorce. She was suppose to refi- in 6 months. She never did. Now she is behind in payments 2 years. I filed bankrupctcy and was discharged chapter 7. Will my name ever be removed from the paper work and will they come after the house since she is behind on the first and second mortgage?
adonis Joined: 22 Oct 2005 Posts: 10267 Location: ALASKA 1046.07 Dollars($)	Posted: Tue Aug 18, 2009 11:31 pm    Post subject: Like 0 Dislike 0 Welcome Bobby, A query similar to yours has been answered in the given link: http://www.mortgagefit.com/bankruptcy/ch7-modifyloan.html Please take a look at it. I hope it'll help you. _________________ Procrastination is the enemy of your financial success
kathyjo Guest	Posted: Thu Aug 20, 2009 8:35 am    Post subject: bankruptcy and quit claim Like 0 Dislike 0 my husband is filing Chapter 7? bankruptcy due to credit card debt. My credit is good and I was worried about how this will affect me. I received some bad advice, to have him quit claim the house over to me, my intent was not fraudulent, although I see now the creditors will see that it was. I hoped to prevent the loss of the home as I have been paying the mortgage. We do not currently live in the house, but, are paying the mortgage on time. I was thinking of divorce and in order to retain the property it would have to be in my name only. How will this affect the bankruptcy now. We are still married. If one of us was to move back into the home (homestead) will this allow me/us to keep the home?
adonis Joined: 22 Oct 2005 Posts: 10267 Location: ALASKA 1046.07 Dollars($)	Posted: Thu Aug 20, 2009 10:57 pm    Post subject: Like 0 Dislike 0 Hi kathyjo, As you've been paying off the mortgage dues of the property, both of you can move back into the property. If you default the loan, then the lender may foreclose it. As far as the status of the property after your divorce is concerned, you need to contact both your bankruptcy attorney and your divorce attorney and take their opinion in this regard. _________________ Procrastination is the enemy of your financial success
sherri Guest	Posted: Wed Sep 16, 2009 1:34 pm    Post subject: quit claim Like 0 Dislike 0 I was thinking about filing for bankruptcy. I own a home, but not my primary residence. I was wondering if I could quit claim it to my father in law? I still have a mortgage on it. Or would I be better off doing an arms length transcation to avoid any fradulent claims?
adonis Joined: 22 Oct 2005 Posts: 10267 Location: ALASKA 1046.07 Dollars($)	Posted: Wed Sep 16, 2009 9:58 pm    Post subject: Like 0 Dislike 0 Hi sherri, I don't think an "arms length transaction" would help you much in this case. Transferring property just before bankruptcy would be considered as fraudulent. In case you do so, you should try and avoid filing bankruptcy for at least a year. _________________ Procrastination is the enemy of your financial success
Jen Guest	Posted: Wed Nov 11, 2009 9:15 am    Post subject: too complicated Like 0 Dislike 0 In my OH divorce ex was given the house but both our names are still on the loan(s). I have not signed a quit claim. He is not living in house and letting it go to crap. He is making payments but they are consistently late and making my credit worse. If I reach the point of filing bankruptcy can I include the house as an asset?
adonis Joined: 22 Oct 2005 Posts: 10267 Location: ALASKA 1046.07 Dollars($)	Posted: Wed Nov 11, 2009 11:58 pm    Post subject: Like 0 Dislike 0 Hi Jen, You've mentioned that you have not quitclaimed the property to your ex after the divorce. I guess, your name is still mentioned in the property deed. In such a situation, if you file bankruptcy, you'll have to list the property in your bankruptcy filing. _________________ Procrastination is the enemy of your financial success
Zoma Guest	Posted: Thu Nov 26, 2009 6:57 pm    Post subject: bankruptcy & quitclaim deed Like 0 Dislike 0 I live in Illinois. In 1995, I bought my house and the deed was in my name only. I rfinanced in 1998 and the bank required to include my wife name in the deed. After that I rfinanced few more times. Two years ago my wife quit claimdeed back to me. Now she is in deep credit cards debt and she is planning for chapter 7. Is her filling for chapter 7 will affect her or me because of she quit claimdeed to me two yaers ago? Thank you.
smithsussane Joined: 18 Sep 2008 Posts: 10045 Location: Alaska 921.83 Dollars($)	Posted: Thu Nov 26, 2009 10:23 pm    Post subject: Like 0 Dislike 0 Hi Zoma! Welcome to forums! Your wife had quitclaimed the property to you 2 years back. In that case, if she files Chapter 7 now, it won't effect you. Presently, you are the sole owner of the property and she cannot include it in her bankruptcy filing. Happy Thanksgiving Day Feel free to ask if you've further queries. Sussane
mary l Guest	Posted: Sat Dec 26, 2009 11:58 am    Post subject: ch 13 refiling Like 0 Dislike 0 my ex and I filed ch. 13 1 year ago and it is now being dismissed after we have divorced. He is going to file ch 7 and Im going to refile ch.13 only if I get to keep the home that was awarded to me in the divorce. It was in foreclosure prior to filing. My name is on the title but not on the loan . Can I file the ch 13 and keep it. I have been paying my part of the ch 13 payments faithfully.

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