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cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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My wife and I seperated 4 years ago and we have been divorced

Customer Question

My wife and I seperated 4 years ago and we have been divorced 2 years. After all the court and disastrous financial mess, both of us went through Chapter 7 BK. Discharged last summer.

She is still living in our old family residence which we owned together. There was a first Trust deed of 484K and a line of credit second for 115K. neither payment has been made in over four years and Bank of America has not Foreclosed.....yet.

Now my x-wife is asking me to quitclaim the home to her. She says she is getting married and has found a program that would allow her to refinance the home and allow her to keep it. I really don't want it and would be happy with this piece of real estate behind me.

My question:
Do I still owe money on these Mortgages? (They were included in the BK).
Does a quitclaim absolve me of anything other than ownership?
If I do this, should I do it through an escrow service?
Would it be better for me to allow this to be foreclosed on?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 1 year ago.

cortrightlaw : You would be safe doing the quitclaim and transferring ownership to her. You are not liable for either the first or second mortgage since you included them in your bankruptcy. Also if she is able to refinance somehow that will also clear the old mortgages. The only thing you could possibly be liable for is any past due property taxes and you would want her to pay those current.
Customer:

Should I do this through an escrow company? She wants me to sign some docs she filled out.

cortrightlaw :

You should be fine just doing the quick claim deed without and escrow company you just want to make sure it is completed correctly.

Customer:

Ok Thank you

cortrightlaw :

good luck and please rate the question on your way out, thanks

cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and 5 other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

Ok, so here is what happened. I quit claimed the house to her. Her plan is to have her new boy friend buy the house through a short sale. It is an all cash deal (495K)


 


Bank of America is processing the short sale but demanded that I be involved as if I still had legal ownership.


 


It looks as if this is going through and I will be required to sign all the escrow docs.


 


Here is what I want to do. I pay her $975 child support and $750 spousal support. Before I sign the escrow docs, I want her to sign a Stipulation saying she agrees to forgo any further spousal support before I sign the escrow docs. This only makes sense as she got me to do the Quit Claim saying that if she ends up keeping the house she would get married.


 


Is a Stipulation agreement made on our court ordered divorce orders enough? I have processed a Stipulation before without an attorney for holiday agreements, so I think I can do this.


 


Also, if I understand the system correctly, I should be able to have my child support reviewed (in a few months after the house closes) sense her financial situation has changed. She will have no payment or rent on her house (house purchased with cash) which was calculated at $2000 last time. I have about 37% custody.


 


Thoughts?

Expert:  cortrightlaw replied 1 year ago.
Sorry but family law is outside of the realm of law I practice so I am not going to be able to provide any guidance in that area, you should repost your question under family on this site and you should get some good advice.

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