2006-09-02 00:48:32 · 8 answers · asked by SURGL 1 in Business & Finance ➔ Renting & Real Estate
im a realestate invester who specializes in forclosure properties, i can help you and your ex save your equity and your credit. you may have quit claimed the deed for your interest in the property, but if you are still attached to the loan in any way, you will be held liable for the balance as she will. the loan and the property are 2 different things; the property just secures the loan for payment, you can acually sell your property and keep the loan you have but if you default on the payment the new owner can still be forclosed on because the property still secures the loan. if you have anymore questions or you would like me to help you get out of this mess in less than 7 days call me at 661-204-9656 my name is brian
2006-09-02 05:05:22 · answer #1 · answered by brian a 1 · 0⤊ 0⤋
A Quit claim deed does not relieve you from an existing mortgage obligation. Your divorce settlement should have required either a re-financing or a sale. Whether or not your ex can forestall the foreclosure with a 13, your credit rating is taking a hit & your ability to obtain another mortgage to buy a house may be impaired essentially forever. Moreover, if the foreclosure is completed there may be a deficiency judgment entered against you. Did your divorce lawyer explain any of this to you?
2006-09-02 05:42:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You definitely need a lawyer's opinion on this one. Here's my non-lawyer take on it:
It sounds like you're implying that your ex didn't refinance the mortgage out of both of your names. Just doing a Quit Claim deed doesn't release you from the mortgage if it was originally a joint loan. Usually in a divorce settlement, the attorney mandates that the other party refinance the debt within a period of time (maybe 1 year)...
If the debt was just in your ex's name, you're probably in the clear .
2006-09-02 05:08:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Presuming she did not refinance the house into her name alone, you could be solely obligated to pay and she could be discharged of her obligation to you in bankruptcy to cover your costs.
Technically, you have surrendered your claim on the property and she is liable to you to protect you from the claims of the creditors, but bankruptcy sets aside all contracts. The divorce decree is the courts affirmation of a civil contract between you to settle your obligations. It can be set aside by bankruptcy. The divorce does nothing to set aside your obligation to the bank. That is between you and the bank. Neither she nor the court have anything to do with it. The bank is an innocent party. The fact you divorced is not the bank's problem.
You need to seek an attorney and you will probably need to file a claim against her in bankruptcy court to have any protection at all. You also probably are working under a deadline and need to get in line with the other creditors.
2006-09-02 04:16:35 · answer #4 · answered by OPM 7 · 1⤊ 0⤋
If see is still on the home the Chapter 13 will stop the foreclosure. She will be put on a payment plan and all late fee and back payments will be put into the plan. If she cannot pay on the plan she will be kicked out of chapter 13 and then the foreclosure will start again.
2006-09-02 02:31:37 · answer #5 · answered by Matt J 3 · 0⤊ 0⤋
I think you mean a QUIT Claim Deed, which should mean you no longer have ANY interest in the house, period. Therefore you have no liability in her bankruptcy, and there should be no effect on your finances. Contact your lawyer for absolutely correct information, though, DON'T depend on Yahoo answers for good legal advice.
2006-09-02 00:57:35 · answer #6 · answered by xraytech 4 · 0⤊ 0⤋
Your "ex" is in contempt of court docket, take her lower back for restitution. No decide will completely, nor can they get rid of your criminal duty for the debt, different than in case you too record financial disaster. you're additionally responsible. you're legally7 responsible, it is a fallacy of the court docket equipment. considering the fact which you DO have a "dogs interior the seek", see what the present value is, what the non-public loan stability is and what to do to get it modern-day. you are able to then hire it out and function it supply up claimed lower back to you, getting her off the deed, in line with danger refi the non-public loan to a decrease interest fee, or sell it for a income and he or she'll no longer get a dime. you additionally can qualify for the cap income tax exemption yet ask your accountant relating to the time lines for residency, you would be able to or will possibly no longer meet them. you're able to come back out on precise in case you have the financial components to artwork with. or you will go through the detrimental score on your credit checklist, and lower back the recourse is lower back to court docket with a "turnip" which you particularly elect blood from.
2016-12-11 19:33:38 · answer #7 · answered by forgach 4 · 0⤊ 0⤋
Are you still on the mortgage? If so then you do have a problem because you are liable for a property you don't even own. If this is the case I would contact a real estate attorney ASAP.
2006-09-02 02:02:43 · answer #8 · answered by 10 pts for me? 4 · 1⤊ 0⤋