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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33563
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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the marital property after the divorce was still jointly owned.

Resolved Question:

the marital property after the divorce was still jointly owned. after the divorce she filed bankruptcy on the loan she had taken out on the property. we were to both pay half, she quit paying and I am still paying my half of the loan..now I get a quick claim deed from her giving me the house 8 years later....what now.. what do I do
Submitted: 9 months ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 9 months ago.
Hello,

I don't quite understand your question. You ask "what do I do?" What is it that you would like to accomplish?

Thanks in advance.
Customer: replied 9 months ago.

why did I get a quick claim deed now and what happens to her loan on the house since she filed bankruptcy and I was not notified until it was over?


what do I do now??? did she just make me sole owner of this debt???

Expert:  socrateaser replied 9 months ago.
Okay, thanks!

You received a quitclaim of your ex's interest in the property. This does indeed make you the sole owner of the property (unless you choose to not record the deed, and instead you tear it up and send it back to your ex with a letter stating that you reject the deed transfer).

 

And you are the only person who remains legally obligated to pay the mortgage, due to your ex's previous bankruptcy.

 

In sum (assuming that you record the quitclaim deed), the legal status of your circumstance is exactly the same as if you had purchased the property alone, and you were the only borrower who applied for and was granted the loan.

 

I don't know if that's what you want, but it's what you have.

 

Is my answer helpful?

 

Please let me know!

Customer: replied 9 months ago.

so will the bank contact me or should I just continue with my half payment and reject the quit claim deed.
she owes 1/2 the taxes and bills at the home? FOR 9 YEARS. I THINK I SHOULD REJECT THE QCD.


 

Expert:  socrateaser replied 9 months ago.
The bank doesn't care who owns the property. The bank cares that the mortgage is paid in full. You cannot pay 1/2 of the mortgage -- if you do, the bank will foreclose. You are obligated to pay the full mortgage, because co-borrowers are jointly liable for the entire mortgage.

Your ex was relieved of the obligation to pay on the mortgage via bankruptcy. But, the debt remains, and as the only remaining borrower, you're now stuck with the entire debt. You can either accept the quitclaim, and remain responsible for all of the bills, or you can reject the quitclaim -- but you will still be responsible for all of the bills, because if you don't pay them, the bank, or the county (with regards XXXXX XXXXX taxes), will foreclose.

Note: There is one good reason to reject the quitclaim: as long as your ex remains on title, she is also liable for the property taxes, and you could conceivably sue her for one half of any new property tax bills that accumulate.

Frankly, your best course of action may be to accept the QCD, sell the property, and move on with your life. But, if you're underwater and your loans and back taxes exceed the value of the property, then it really doesn't matter what you do with the QCD. You may as well start considering bankruptcy yourself, because that may be the only way to get free of your obligations on the home.

I realize that this may seem incredibly unfair -- but, FYI, on Jan 1, 2014, the IRS can start charging taxes on the unpaid balance of any foreclosed property. So, if you really are underwater in this home, then you need to decide if you can sell it before year end, or file bankruptcy. Because if you don't, you may get stuck with a new bill, that you never expected: from the IRS. And, as I'm sure you're aware, Uncle Sam is the one creditor that you do not want to be liable to for anything.

Please let me know if my answer is helpful and if I can be of further assistance.
Customer: replied 9 months ago.

this quit claim deed was received without my knowledge or concent and is filed at the county how do I reject a filed document???

Expert:  socrateaser replied 9 months ago.
You could file a "Notice of Rejection of Conveyance of Title." There is no form for this. You would have to draft it yourself. It would say something like:

Notice is hereby given that the grantee, [yourname], of the deed recorded in the official records of the County of [county], on [date], and registered as [file number], is rejected in its entirety.

Date: [date]

By: _________
Grantee

[notary acknowledgment]

Hope this helps.
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33563
Experience: Attorney and Real Estate Broker -- Retired (mostly)
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