QUESTION
What is the effect of my wife's name on my deed if she filed for bankruptcy?
Asked on Oct 22nd, 2013 on Foreclosures - California
More details to this question:
I was recently approved for a Deed In Lieu by my lender in April 13. I had no liens on the property, and I thought everything was in order. I was told in July 13 that my deed in lieu is being held up because my wife filed for bankruptcy. I'm a little confused because the mortgage is only in my name. If her name is on the deed, what does that have to do with it being approved?
1 ANSWER
Even though the mortgage is in your name alone, the security for the mortgage is in both names. The lender can't acquire clean title to the property until the bankruptcy proceeding is closed.
Answered on Oct 22nd, 2013 at 10:29 PM