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Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5749
Experience:  20 years of professional experience
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If my wife were to quick claim deed our house to me in a divorce,

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If my wife were to quick claim deed our house to me in a divorce, then after the divorce I file bankruptcy and stop paying on the house would they the bank come after her for payment on the house?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Maverick replied 7 years ago.
If you file bankruptcy, the lender would still have a right to foreclose on the house irrespective of whether you were on the title or your wife was on the title. The bank has a security interest in the home and they will first try to recover the debt owed from whoever is on the loan documents. If that does not work, then they will seek foreclosure. The bankruptcy will not protect the home from foreclosure since it is a secured debt.
Customer: replied 7 years ago.
I'M confused. So your saying they could still go after her even though she q. claimed the house to me?
Expert:  Maverick replied 7 years ago.
Yes, a quit claim deed only transfer title to the house to another person and does nothing to modify the original loan agreement with the bank and the bank's security interest in the house. The purchase money securtiy interest ( money loaned to buy the house) cannot be defeated even in bankruptcy.
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