Posted on: 19th Jul, 2007 08:14 am
I have two properties, one house and one townhouse. Even though I am married , I alone am the only person listed on the mortage and property documents. I am about to go to a forecloure status on the townhouse. If a judgement is placed against me, and the lender goes after my equity that I have built-up in from my house, will a quticlaim to my wife prohibit that
Hi Rob,
You will have to quit claim the house to your wife before lender places a lien on it for recovery of his balance debts.
If lender is able to place a lien on the property before you quit claim it then the lien will remain over it and your wife will be taking over the ownership along with the lien. She will then be responsible for paying the lien amount.
Miller
You will have to quit claim the house to your wife before lender places a lien on it for recovery of his balance debts.
If lender is able to place a lien on the property before you quit claim it then the lien will remain over it and your wife will be taking over the ownership along with the lien. She will then be responsible for paying the lien amount.
Miller
"I am about to go to a forecloure status on the townhouse."
Foreclosure will have bad affect on your credit profile. Did you try any alternatives to prevent foreclosure from occurring or all other options have closed?
Foreclosure will have bad affect on your credit profile. Did you try any alternatives to prevent foreclosure from occurring or all other options have closed?
hi rob,
welcome to our forums.
i do understand the situation you're in. if a judgment is placed against you, it is true that your lender may go after your equity. had it been a debt other than the mortgage, you could have avoided the judgment by filing a homestead. but even if you quitclaim the property to your wife, you are not relieved from the debt. the house may be your wife's after the quitclaim but the loan still remains in your name. so, in any case, if you cannot pay it off, the lender will finally demand the payments from your wife as she is on the property and in order to save the home, she will have to do it.
however, if the foreclosure is approaching why aren't you discussing other options with the lender instead of a quitclaim? i mean there are several alternatives to a foreclosure. these are the loss mitigation plans. to know more on these plans, refer to a section on loss mitigation plans to avoid foreclosure. in order to avail any such plan, you need to talk to the loss mitigation department of the lender or the mortgage company.
feel free to ask questions and get out of your problem asap.
good luck :)
welcome to our forums.
i do understand the situation you're in. if a judgment is placed against you, it is true that your lender may go after your equity. had it been a debt other than the mortgage, you could have avoided the judgment by filing a homestead. but even if you quitclaim the property to your wife, you are not relieved from the debt. the house may be your wife's after the quitclaim but the loan still remains in your name. so, in any case, if you cannot pay it off, the lender will finally demand the payments from your wife as she is on the property and in order to save the home, she will have to do it.
however, if the foreclosure is approaching why aren't you discussing other options with the lender instead of a quitclaim? i mean there are several alternatives to a foreclosure. these are the loss mitigation plans. to know more on these plans, refer to a section on loss mitigation plans to avoid foreclosure. in order to avail any such plan, you need to talk to the loss mitigation department of the lender or the mortgage company.
feel free to ask questions and get out of your problem asap.
good luck :)