QUESTION

Does filing bankruptcy automatically remove my name from the deed to my home?

Asked on Jun 26th, 2011 on Bankruptcy - Georgia
More details to this question:
After filing bankruptcy, is my name automatically removed from the deed to the house? Also, if the name is not removed am I supposed to do that and how long after the name is removed will I qualify for a new loan?
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12 ANSWERS

No.
Answered on Jul 22nd, 2011 at 9:42 AM

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Bankruptcy Attorney serving Beverly Hills, CA
2 Awards
Filing bankruptcy does not remove your name from the deed to your home. A foreclosure sale, if one happens, does remove your name from title to your home. How long it will take you to qualify for a new loan depends on many factors.
Answered on Jul 19th, 2011 at 9:41 AM

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Your name remains on the property until after foreclosure when you no longer own the property. You can try to qualify for a new loan at any time after bankruptcy.
Answered on Jul 18th, 2011 at 1:33 PM

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Samuel Lee Tucker
Your interest in the home will be transferred by the creditor if you choose not to keep the property
Answered on Jul 18th, 2011 at 1:13 PM

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No, this is a common misconception. Bankruptcy only releases you liability on the debt; it does nothing to remove your name from, or obligations associated with being on, a deed.
Answered on Jul 18th, 2011 at 11:07 AM

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Bankruptcy Attorney serving Hayward, CA at Carballo Law Offices
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Your name is not removed from the deed by filing bankruptcy. You will continue to own the property until you transfer it by deed to someone else or it is transferred by Trustee's Deed after a foreclosure. Your name remains on the debt (promissory note or i.o.u) to the bank and the bank continues to have a lien (deed of trust in California) on the property for the amount you owe even if you transfer the title by deed to someone else. The bank can foreclose if you don't pay and sell the property and then, in some cases, sue you for the balance owed if the sale amount does not completely pay off what you owed. Bankruptcy can eliminate your liability for that deficiency if the bank does not get enough money at the foreclosure sale. Qualifying for a new loan is based on your credit score and income. Your credit score will not be good for several years because you will have to go through foreclosure or short sale to get rid of the house and/or bankruptcy to get rid of any personal liability remaining. Your question indicates you are confused about the bankruptcy process and what it means to own a house with a mortgage so you need to see a bankruptcy attorney for a consultation to get a better understanding of your situation and options.
Answered on Jul 18th, 2011 at 9:44 AM

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Filing a bankruptcy does not remove your name from the deed. Your name will be removed once new owners purchase the home.
Answered on Jul 16th, 2011 at 6:01 AM

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Trusts and Estates Attorney serving Jacksonville, FL
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No it does not
Answered on Jul 16th, 2011 at 6:01 AM

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Glen Edward Ashman
Your name stays on the house, until either the court sells it or the creditor gets permission to foreclose. In some cases you may even keep the house. It all depends on the individual case. This is one of many reasons it is vital that a lawyer be used in a case.
Answered on Jul 16th, 2011 at 5:56 AM

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No. The lender will still have to go through a foreclosure to get the title to the property back. Bankruptcy will relieve your liability on the Note, which is the financial instrument that says you owe the money to the bank.
Answered on Jul 16th, 2011 at 5:39 AM

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Bankruptcy Attorney serving Herndon, VA at Maureen O'Malley
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No. You can indicate an intent to surrender, and the lender will foreclose. When that happens your name is removed from the deed. After bankruptcy you probably can't buy another house for about 3 years, depending on income and savings.
Answered on Jul 16th, 2011 at 5:39 AM

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Debtor's Rights Attorney serving Atlanta, GA at Theodore N. Stapleton, P.C.
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Your name is not removed by filing bankruptcy it is removed by executing a deed to someone or by a deed under power by your bank or by deed executed by bankruptcy trustee.
Answered on Jul 15th, 2011 at 5:21 PM

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