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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.
What happens if the mortgage and deed are in two names and one claims banckrupcy?
What happens if the mortgage and deed are in two names and one claims banckrupcy
Will your mortgage company know if you filed bankruptcy?
Yes. When you file bankruptcy you are required to fill out a number of forms. Schedule D is the form for Creditors holding secured claims and a home mortgage is a Secure Debt. You will have a complete list of all your creditors names, addresses, account numbers on a form called the Creditor's Mailing Matrix. The Bankruptcy court sends notification to all the creditors listed that you have filed bankruptcy.
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.
My husband and I are separated he's filing chapter 7 bankruptcy One home is in his name and another in both of our names Can the court take my home Iowa?
The court does not take anything. Is that the one in both names? Was he paying the mortgage or part of the mortgage? I strongly urge you to get your own bankruptcy lawyer, since this is a very technical area of bankruptcy law. You need to find out if he intends to abandon his interest in the homes or intends to reaffirm the mortgage(s). Abandoning the property can cause problems if you cannot pay the mortgage on "your" home in Iowa. The real estate would be foreclosed on if there is a mortgage, unless you can make the payments on a joint mortgage or refinance in your name alone. You can also sell the house owned jointly, though you might need his agreement to sign the transfer documents or file a legal action in Iowa if that was where you were living when the separation took place or if venue lies in Iowa for other reasons. I said it was technical!
Does your bankruptcy affect a mortgage still held in both your names even though you are divorced?
Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.
What happens to a house with four names on the deed with the right of survivorship but the only person with the mortgage dies?
When a house has four names on the deed with the right of survivorship, the ownership automatically transfers to the surviving owners upon the death of one owner, regardless of the mortgage situation. The mortgage remains attached to the property, and the surviving owners are still responsible for it. The lender may require the surviving owners to refinance the mortgage or take other actions, but the property itself is not affected by the deceased owner's mortgage obligation.
My ex wife is filing bankruptcy and we have a home loan in both your names what happens to the loan?
The loan may not be the real problem, but how you own the property (tenancy by the entirety, joint tenancy, tenants in common). The loan is secured as to the two of you, and if she is trying to surrender her interest to the mortgage company in a chapter 7, she might be able to. I suggest you talk to the or a divorce lawyer about the law in your state.
What happens if when cosigned mortgage loan goes into foreclosure?
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
Car title is in two names what happens if one files bankruptcy?
If the loan note is not reaffirmed, the lender may choose to repossess the vehicle once the stay is lifted, unless the car is excluded from the BK and the payments remain current. In the event of default, the other party may reaffirm at any time with the lender. It is a good idea for that party to have possession of the unit though.
What is a reverse mortgage lead?
A reverse mortgage lead is where you can get names of people that are interested in getting a reverse mortgage. These leads should already have been screened to meet the criteria for a reverse mortgage.
How will your ex-spouse's bankruptcy affect you if you had a joint mortgage which you are still responsible for?
Spouse's bankruptcyIt can. Since even a quit-claimed mortgage loan continues to show on your personal credit report, it MAY get a notation "included in bankruptcy" (if it was included). This will cause you problems because creditors will be looking at Your public records trying to justify that notation.Keep track of your credit. Yours is one of the few situations where inserting a consumer statement onto the bureaus would be a good idea.More input from FAQ Farmers:I think it's important to understand that you are talking about two different things: (1) ownership, and (2) liability. Signing a quitclaim deed means you transferred ownership of the property to your ex-spouse, so the deed will only be in your ex-spouse's name, but this in no way transfers your liability on the mortgage document to your ex-spouse. The mortgage lender will still hold you both responsible for the mortgage regardless of whose name is on the deed since both of your names are still on the mortgage document. And, even if the divorce court ordered one spouse to be responsible, in Indiana at least the mortgage lender can normally still sue both spouses if there is a default on the mortgage. I'm only licensed in Indiana, and if you were in Indiana, my guess is that if your ex-spouse filed bankruptcy on the mortgage, the fact that you quitclaimed the house will not stop the mortgage lender from pursuing you for payments. Of course, different things might happen in different states since each state has their own laws on the subject. Please keep in mind that this in no way constitutes legal advice but is just my take on the hypothetical facts.More information:Secured debt, such as a mortgage loan, will not be included in the bankruptcy. If the mortgage loan is still in joint names with your ex-spouse, she will remain liable for the debt, and jointly responsible for its repayment.
