QUESTION
If I filed bankruptcy and house is still in my name, can I sell the house or rent it?
Asked on Mar 07th, 2017 on Bankruptcy - Wisconsin
More details to this question:
I filed bankruptcy on a home back in 2009 and walked away from the property its now 2017 and my name is still on the loan and I am still the name on record of title and the tax office. House is in need or some repairs but still very fixable. What happens if I transfer title to a family member for a dollar?
3 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You can transfer your interest to anyone. The bank's lien will probably still be valid but it could be removed in a suit to clear title.
Answered on May 24th, 2017 at 5:34 AM
If you transfer the property to someone, they will be responsible for paying all of the delinquent payments as well as the balance owed to the mortgage company. They will also need to pay all of the taxes on the property. Your family member ought to thoroughly investigate the situation before accepting this deal.
Answered on May 23rd, 2017 at 9:12 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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You will need the consent of any mortgage holder or other lien-holder. The lender may accept a deed in lieu of foreclosure. It all depends on whether you have the right and legal authority to sell the property free and clear. If you sell it to a relative for a trivial sum it will look to all the world like a fraudulent transfer, and the world would be right.
Answered on May 23rd, 2017 at 9:11 AM