QUESTION
If I relinquish the house to my ex, does it remove my name from the mortgage?
Asked on Apr 10th, 2013 on Bankruptcy - Michigan
More details to this question:
I filed chapter 13 about 18 months ago. I want to know if relinquishing the house to my ex removes my name from the mortgage? If not, how can I remove my name so I can buy a house?
11 ANSWERS
Bankruptcy Law Attorney serving Austin, TX
at
Law Office of Susan G. Taylor
Update Your Profile
You probably will not be removed from the loan unless your ex has it refinanced. If you file a chapter 7 bankruptcy, you will not longer be personally liable on that debt. Might help you get another mortgage 2 years after the bankruptcy. Discuss it with a mortgage lender.
Answered on Apr 16th, 2013 at 1:32 AM
Debt Settlement Attorney serving San Diego, CA
at
Law Offices of Kathryn Tokarska
Update Your Profile
It will not. The way to remove yourself from the mortgage is for the ex to refinance without you or to sell the property. Since you are placing this question under bankruptcy I assume that you are either considering filing for bankruptcy or have done so already. If you filed for bankruptcy, then the debt is discharged as to you. Currently, my understanding is that it is possible to obtain a mortgage 3 years after bankruptcy, check with mortgage brokers to verify. Different lenders have different underwriting standards.
Answered on Apr 11th, 2013 at 10:43 PM
Travis Christiansen
She would have to refinance it in her name only, unless you could talk the bank into letting you off the mortgage.
Answered on Apr 11th, 2013 at 10:36 PM
Bankruptcy Attorney serving Plantation, FL
at
Moffa & Breuer, PLLC
Update Your Profile
NO. Only the bank can release you.
Answered on Apr 11th, 2013 at 2:01 PM
No, filing bankruptcy doesn't remove your name from a mortgage debt, and neither does signing away the title. The only thing that removes your name from a mortgage is paying off the mortgage or a foreclosure.
Answered on Apr 11th, 2013 at 2:00 PM
Deborah F. Bowinski
No. You should speak to your attorney regarding the possible modification of your chapter 13 plan to surrender the property to both your ex and the lender.
Answered on Apr 11th, 2013 at 12:20 PM
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
No. Your name will not be removed until the debt is paid.
Answered on Apr 11th, 2013 at 12:19 PM
Bankruptcy Attorney serving Walnut Creek, CA
at
Alan E. Ramos Law Offices
Update Your Profile
No. The only way that you will be removed from the mortgage is if your ex-spouse refinances or sells the house.
Answered on Apr 11th, 2013 at 12:19 PM
Bankruptcy Attorney serving Livonia, MI
at
Charles J. Schneider, P.C.
Update Your Profile
It is not known what you mean by relinquish.
Answered on Apr 11th, 2013 at 12:19 PM
Bankruptcy Attorney serving Dallas, TX
at
Polk & Associates
Update Your Profile
No, giving your house away to someone else does not automatically take your name off the mortgage Promissory Note where you signed to be responsible to pay back the money that was borrowed. If you do not want to owe that debt anymore, then the way to do that is either: (a) pay off the house (obviously not an easy thing to do); or (b) sell the house to someone else and you use the money to pay off your debt to the bank; or (c) let the bank foreclose and then give you a credit for whatever they sell it for, against whatever you owe them, and then you pay the difference; or (d) discharge the whole debt in bankruptcy.
Answered on Apr 11th, 2013 at 12:19 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
Divorce will not remove your name from the mortgage, your bankruptcy will prevent the mortgage company from coming after you satisfy the debt however. That, in itself, will not clear your credit and you may have significant difficulty in obtaining another mortgage regardless of the bankruptcy.
Answered on Apr 11th, 2013 at 12:18 PM