JillWelc Posted February 16, 2005 Report Share Posted February 16, 2005 As some of you know I'm seriously thinking about filinf ch 7 BK. I'm trying to get all my information so the Lawyer can look at it. My MAIN concern if for my husband....I really don't want to mess his credit up. We had our house refinanced 2 times over the last 15 years. I saw the first 2 on my report and one said transferred/never late. the other said paid/never late...well I didn't see the current loan for our mortgage. OK, so I look at my husband CR.....our new current loan is on his CR and under account it says: Individual???? I thought that is strange.....I remember when he was refinancing he called me to the bank to "sign some paperwork" I pulled the paperwork out of the filinf cabinet and started reading it. It's all in his name only: I signed something that said:The undersigned shall have no personal liability to obligations herin or secured hereby and executes this intrument only to subordinate any interest he/she may acquire including without reservation any homestead rights and to acknowledge all the terms and convenants contained in this security intrument and any rider(s) thereo agrees to bound thereby___________________________ (then my signature)What the heck does that mean??Jill Link to comment Share on other sites More sharing options...
DocPC Posted February 16, 2005 Report Share Posted February 16, 2005 Looks like you signed away your rights to the house... Link to comment Share on other sites More sharing options...
anti-something Posted February 16, 2005 Report Share Posted February 16, 2005 well.. i seriously dont know, but it does sound like your name is not on the mortgage, so you will not have to worry about putting that on your bk.but i would call a lawyer and ask exactly what that means, also check online at your county clerks website and see if you are listed as one of the owners of your house!and i'm not trying to be nasty or anything, but it sounds like theres way too many secrets going on in your marriage.. Link to comment Share on other sites More sharing options...
JillWelc Posted February 16, 2005 Author Report Share Posted February 16, 2005 Oh your not kidding about the secrets and such. That's what happens when your husband travels about 80 percent of the year. It's a difficult situation. I did call the County Clerks office and she said my name was still on it.....so that's a good thing. I'm going to bring this and show it to the lawyer tomorrow. UGGJill Link to comment Share on other sites More sharing options...
CRDTNogood Posted February 16, 2005 Report Share Posted February 16, 2005 Looks like a quit claim? right? Link to comment Share on other sites More sharing options...
creditobsessed Posted February 16, 2005 Report Share Posted February 16, 2005 Your name can still be on the deed to the home/land, but not on the mortgage. My husband and I recently did this on a refinance. We had a joint ownership and mortgage, but when we refinanced We took his name off the mortgage because I could get a better rate without his scores because they were a lot lower than mine. He had to sign some papers at the closing because I was borrowing money on a property he has an interest in, but he is in no way responsible for the mortgage loan. It's in my name only.However, his name is still on the house and land. Let your lawyer know the situation with the house. I have no idea if it will help or hurt you BK.Good luck Link to comment Share on other sites More sharing options...
JillWelc Posted February 17, 2005 Author Report Share Posted February 17, 2005 Looks like a quit claim? right?Yes I think this is exactly what it is. I swear I need a GOOD nights sleep....I honestly thought I had signed my house away!!!! I just want to say that you guys are really great!!!! and very knowledable I might add!!Jill Link to comment Share on other sites More sharing options...
LadynRed Posted February 17, 2005 Report Share Posted February 17, 2005 No, its not a quit claim. A Quit Claim would remove your name from the DEED. What you signed removed your name FROM THE MORTGAGE ONLY. If you were not in a community property state, then it could be a problem in that you stil have 1/2 the asset, but no longer have 1/2 that debt. BUT, since you ARE in a CP state, no matter what that paper says you are STILL equally liable for the mortgage payments. That paperwork does not create a 'separate property/debt' deal, since you still derive benefit from the use of the house, its STILL a community debt. On the other hand, IF you were to get divorced, he actually did you a favor. Should you divorce, with your name nowhere on the mortgage, you could NOT be held liable for the mortgage IF he ever defaulted. Once the 'community' is over, so is the community debt/asset. Link to comment Share on other sites More sharing options...
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