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Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
Wiki User
∙ 9y ago
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
Wiki User
∙ 9y ago
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How many times can you modify your mortgage?
As long as both parties are in agreement, there is no limit to the number of times a mortgage can be renegotiated.
Whose credit score is used on a joint mortgage?
Both persons if it is applicable. In some cases a married couple will hold a joint mortgage but only the wage earner will have a credit score on record.
Can you get a home equity loan after you are divorced but still on the mortgage?
If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.
Is a it a law that insurance make check payable to both the owner and mortgage company?
Its part of the contract as both parties have an investment (interest) in the property
Does a mortgage show up on both borrowers credit report?
If the account is a joint account (bill comes in both of your names), then yes, it will be reported to both of your credit reports.
To renew a joint mortgage do both parties have to sign?
Yes.
If your soon to be ex-spouse files for bankruptcy and there are joint accounts can you be included as a debtor and clear the joint debts?
Yes. If joint debts are an issue, it is beneficial for both parties to enter into a BK filing. If not the one who is not a party to the bankruptcy will be liable for those debts.
What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?
Her mortgage liability will be discharged.
2 homes with mortgage on both divorce and one files bankruptcy?
Was the bankruptcy before or after the divorce? I don't think it matters however, the bank can always go after the cosigner on a mortgage if they didn't file bankruptcy as well.
Should you file bankruptcy when there is a foreclosure and pending divorce situation and you do not want to keep the house and can not repay any money still owed to the lender?
If the mortgage is in both names, or if there is significant joint debt, you are better off filing bankruptcy jointly before the divorce is final. If the mortgage company forgives the balance, it will count as income to you and you will have to pay taxes on it in the following year, unless you file bankruptcy. Or the mortgage company can sue on the deficiency and get a judgment good for 10 or 20 years. Unless you file bankruptcy.
Can anyone open a joint bank account?
only if both parties go in together as paperwork has to be signed by both parties as well as ID from both fopr joint acct
In Florida does a spouse have to sign documents when refinancing a mortgage?
Yes. Both parties must sign the documentation when refinancing an existing mortgage. This is to protect both parties from unfair lending practices.
If you are currently in bankruptcy with your husband can you come out of bankruptcy and your husband stay in?
The joint Bk would have to be voluntarily dismissed by both parties and then refiled as a single bankruptcy after the required waiting limit for filing is reached. When married couples reside in CP states it is best that they file a joint BK to allow full protection for both. In non CP states where only one spouse is the debtor the best choice is usually for only the debtor spouse to file.
How many times can you modify your mortgage?
As long as both parties are in agreement, there is no limit to the number of times a mortgage can be renegotiated.
If a spouse files bankruptcy can the other be held liable for the mortgage payment if its in both names?
You don't file bankruptcy "on" anything. You file for bankruptcy for all debts, including a mortgage or mortgages. If the other party has been paying the mortgage and has possession of the premises, there may not be a problem for that person. If there is a divorce order requiring the absent party to pay or pay part of the mortgage, there may be a contempt action for violating that court order.
If your house is in forecloure can your spouse buy another house while you file bankruptcy There was a quick claim done to get spouse name off of the title?
If two people owned property, executed a mortgage, and the mortgage is in default, the foreclosure will be filed in both names. It was both mortgagors who defaulted and both will be parties to the foreclosure. If one executes a quitclaim deed to the other that will not stop their being mentioned in the foreclosure.
If your ex spouse files bankruptcy will the creditors come after you on the accounts that were joint accounts and will you need to file bankruptcy on those debts as well?
If they were joint accounts and are discharged, the creditors will come after you, unless your divorce decree makes your ex-spouse solely liable for them.If you are on the hook for them, you may file your own bankruptcy, but you cannot just list those debts. All debts that you owe must be listed in your bankruptcy schedules, or you may find yourself in trouble.Another PerspectiveYou must consult with an attorney who specializes in bankruptcy. A creditor may not be subject to a divorce decree. For example, a mortgage and note signed by both parties cannot be transferred to one party by a divorce decree where the lender is concerned. It owns the debt and if it isn't paid the lender can take possession of the property by foreclosure. Joint debts are a complicated area of law.
