How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask JoeLawyer Your Own Question

JoeLawyer
JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience:  Attorney in the practice of Bankruptcy Law since 1996
2990824
Type Your Bankruptcy Law Question Here...
JoeLawyer is online now
A new question is answered every 9 seconds

When my husband and I divorced we owned 2 homes, the primary

Resolved Question:

When my husband and I divorced we owned 2 homes, the primary residence and a rental property. According to the divorce agreement he kept the primary home and I got the rental home. My name is XXXXX XXXXX deed for the rental home but his name is XXXXX XXXXX mortgage. Now he is telling me that he is filing for bankruptcy and my concern is whether or not I am going to lose my home. We both reside in Michigan and I don't know what type of bankruptcy he will be filing.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  xavierjd replied 4 years ago.
Thanks for using JustAnswer.com

As part of the divorce, were you required to refinance the rental home and obtain a mortgage in your own name?

Thanks
Customer: replied 4 years ago.
I was not required to refinance until the end of this year, but to be honest I will not qualify for a loan because the house is appraising for much less than what is owed and I don't make enough money anyway.
Expert:  xavierjd replied 4 years ago.
I'm sorry. I am going to refer this question to the bankruptcy section of JustAnswer. An expert in bankruptcy law will be able to assist you.

Thank you.
Customer: replied 4 years ago.
thanks for your time
Expert:  xavierjd replied 4 years ago.
You are welcome.

I've passed along your question.
Customer: replied 4 years ago.
do i have to pay now or wait for the new answer?
Expert:  xavierjd replied 4 years ago.
You can wait for the new answer.
Customer: replied 4 years ago.
Relist: No answer yet.
Customer: replied 4 years ago.
Relist: No answer yet.
Expert:  JoeLawyer replied 4 years ago.
Hi ceegee:

I want to be sure I understand the facts: Your name only is on the deed to the rental home (now your home) and his name only is on the deed, or are you both on the mortgage and deed?

Thanks,
Joe

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Fees I receive for answering questions are paid for information, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. Joseph Ross does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) Joseph Ross. All rights reserved.
Customer: replied 4 years ago.
Joe, I am the only one on the deed for my house, his name is XXXXX XXXXX one on the mortgage for my house. When we divorced we did an exchange of quick claim deeds.
Expert:  JoeLawyer replied 4 years ago.
Okay thanks...

With his name being the only name on the mortgage, then when he files bankruptcy and presumably discharges the mortgage, the lender can begin foreclosure proceedings. This is not to say they will, but they can. As long as the payments are current and they continue to get payments each month, they may not foreclose though. They will likely stop sending statements and payment books though, so you will need to be sure and send in payments of your own volition.

I don't know what your relationship is like with your ex-husband now, but if he reaffirms the debt on the mortgage then you would not have to worry about them foreclosing. But, his lawyer will likely advise him not to reaffirm since that would put him at risk in the event you default. But, if he and you are reasonably certain you can keep the payments up, and your relationship is one in which he would be willing to do it, then this would be one option.

Another option is for you to refinance. I know you said this isn't likely, but I thought it should be on the list.

You may also get the bank to transfer the mortgage to you (called assignment). I don't think this is incredibly likely, but it is possible that the bank would assign the mortgage from him to you since you owing them is better than no one after he files bankruptcy, and most banks don't want another foreclosed house at this point.

Finally, if all else fails, you can possibly file a Chapter 13 yourself and keep the home. Chapter 13 normally allows one to protect all assets which are part of the bankruptcy estate, which basically means all of the property owned by the debtor filing bankruptcy. 11 U.S.C. 541 (HERE) says what property constitutes the bankruptcy estate, and it is very broad. Certainly real estate with your name on it would qualify.

So, the bank will argue that they are not subject to your Chapter 13 since they are not a creditor of yours, and you will argue that you are allowed to cure any default according to 11 U.S.C. 1322(b)(3) (HERE) or whatever other argument your lawyer can cook up, then hopefully the case law in your jurisdiction will allow you to protect the home at least while the Chapter 13 is pending. This would give you up to 5 years to refinance (during which time you would still need to keep mortgage payments current though). Again, this approach may be utterly dependent on case law in your jurisdiction, so if no other method works, you might want to see a bankruptcy attorney to see if Chapter 13 will work in your district.

I wish I had better news but that's it without a functioning crystal ball...

My hope is that the bank continues to accept payments from you after he files bankruptcy, and eventually you can refinance it and pay it off.

Good luck and let me know if you have any more questions!

Joe

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Fees I receive for answering questions are paid for information, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. Joseph Ross does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) Joseph Ross. All rights reserved.
JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience: Attorney in the practice of Bankruptcy Law since 1996
JoeLawyer and 3 other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 

Related Bankruptcy Law Questions