QUESTION
What happens if my spouse files for a loan modification?
Asked on Jul 20th, 2011 on Bankruptcy - Georgia
More details to this question:
My ex husband wants to file chapter 7. I have been working with my mortgage company and naca for a loan modification. If he files bankruptcy before loan mod approved., will I not be able to get one and go straight to foreclosure. He wants nothing to do with the house and did a quit claim deed. He wants us to be able to stay in it. If they do not come up with a solution, would I be able to do a hort sle or deed in lieu of foreclosure if he in fact does file chapter 7.
5 ANSWERS
Debtor's Rights Attorney serving Atlanta, GA
at
Theodore N. Stapleton, P.C.
Update Your Profile
It depends upon how much equity is in the house.
Answered on Jul 25th, 2011 at 12:41 PM
You have a complicated matter and need to see a lawyer with more information to get a accurate answer
Answered on Jul 22nd, 2011 at 1:47 PM
Bankruptcy Attorney serving Concord, CA
at
William Rubendall Attorney at Law
Update Your Profile
To avoid foreclosure you can pursue a loan modification. If you choose to give up the house and want to avoid a foreclosure on your record there are choices. You could do a short sale. If the lender agrees, you could do a deed in lieu of foreclosure.
Answered on Jul 22nd, 2011 at 12:35 PM
Glen Edward Ashman
Your husband screwed up royally, and I mean screwed up. Deeding the house to you means he had probably can't file bankruptcy for many years. That is likely to be deemed a fraudulent transaction to defraud creditors which can result in denial of his discharge, and will possibly drag you into his case when the Trustee sues you. This is great evidence for why people need lawyers. Your husband, who may have been able to allow the house to be retained had he seen a lawyer first, probably has cost both of you a home. See a lawyer to see if his mistake of a lifetime has any silver lining, but he has messed up really badly. (Do not deed it back without legal advice).
Answered on Jul 22nd, 2011 at 11:12 AM
Bankruptcy Attorney serving Herndon, VA
at
Maureen O'Malley
Update Your Profile
It's your ex-husband who may file BK, who filed a quit-claim, wants nothing to do with the house, but wants to stay there? I think a fact or two is missing. Please clarify and resubmit your question. I
Answered on Jul 22nd, 2011 at 11:12 AM