 whammy68
Joined: 07 Nov 2009
Posts: 2
1.71 Dollars($)
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 Posted: Sat Nov 07, 2009 3:28 am Post subject: Quit Claim Deed and Bankruptcy |
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| My ex wife is filing for a loan modification. She wants me to sign a quit claim deed to the property, but remain on the mortgage. I know she is going to file bankruptcy as soon as the modification is complete. If I do sign the QCD for the modification, can she then file bankruptcy and include the mortgage, thus leaving me totally responsible for the mortgage, with no interest or rights to the property? |
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savior70
Joined: 25 Mar 2009
Posts: 1783
Location: Florida
239.40 Dollars($)
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| Posted: Sat Nov 07, 2009 4:20 am Post subject: |
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Hi,
Once you quitclaim the property to her, you will have no property interest. Your ownership rights will end after you sign the quitclaim deed and transfer the property in her name. But you will still be responsible for the loan till the time she refinances in her name. Given the situation, it looks like she will file bankruptcy after the loan modification is approved and include the mortgage in the bankruptcy. In that case, you will be left to pay off the mortgage and the lender will come after you. Hence, I don't think you should sign the quitclaim deed as long as you are responsible for the loan. |
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