Quitclaim prior to bankruptcy - How does it affect?

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.

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.

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

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

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?

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.

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.

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

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?

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

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. :D

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

well its been 1yr since i bought my property of my ex but knw i heard hes goin bankrupt will that effect my house

Hi sheril,

If the house is in your name, then your ex's filing bankruptcy won't effect your house.

Thanks