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My husband and I have been seperated for four weeks. I continue to reside in the home with my children, he has moved out and has not paid anything towards bills and mortgage in 3 months prior to moving out. He has alot of debts and approx. 3 liens on the house. I wish to keep the house, but he insist on telling me that we both need to file BK and sale the home. I don't wish too, but he ihas decided that he will be filing BK regardless, and will be rolling the house into his BK. Both our names are on the mortgage note. How will this effect me? In efforts to find ways of reducing the mortgage payment so that I could afford it by myself, I was adviced to look into a quick deed so that I can neogicate with the bank for a loan modification. I need to know if we do a quick deed before he files BK, will I be held responsible for his liens on the home. My understanding is that a BK will not rid the liens only prolong the process of the creditors seeking repayment. Is this correct? Is it best to file BK first then do a quick deed, giving me the full interest of the house. What opions do I have? I do not want to be responsible for his debt. We do not have any divorce/seperator forms filed as of now, but its urgent that I try to restructor the mortgage payments asap.

sara · Posted: Mon May 30, 2011 3:38 am Post subject:

Hi BLC,

As your name is on the mortgage docs, you will be liable for the paying the mortgage. If the property is foreclosed, then you will be responsible for paying the deficient balance. As far as bankruptcy is concerned, you should contact your bankruptcy attorney and take his opinion in this matter. He will better guide you whether or not you should file bankruptcy.

Take care.

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