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If your home has no mortgage can you save it by placing in a revocable or irrevocable trust prior to filing Chapter 7?
Wiki User
∙ 8y ago
Your best bet is to file a Chapter 13 and forget attempting to "hide" the asset.
It will most likely create more provlems and can easily be considered a bad-faith transaction. Unless you have another reason to transfer the property, you may also see criminal charges for bankruptcy fraud.
Wiki User
∙ 8y ago
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When you sign all the documents relating to mortgaging a home part of the contract has you agreeing to provide and maintain a physical damage policy on the property being mortgaged. When you let your insurance cancel or not provide a copy of said insurance to the mortgagee you are in violation of the contract. This gives the mortgagee the right to forclose on the home and/or force placing coverage on the home which only covers the mortgagee interest.
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If the owner executed a quitclaim deed he/she is no longer the owner. It is unknown by your question what grounds the former owner would have you have for placing a lien. Unless you were granted a mortgage interest by the grantee you would need a court judgment to obtain a lien.
