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My wife holds title of her house as her sole and separate property.

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The bank of america made...
my wife holds title of her house as her sole and separate property.
The bank of america made a loan on the house under my name only. The loan has now been sold to another investor and i am in default. I have recently filled for bankruptcy. What are my options
Submitted: 3 years ago.Category: Real Estate Law
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6/19/2015
Real Estate Lawyer: Roger, Lawyer replied 3 years ago
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31,966
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Hi - my name is ***** ***** I'll be glad to assist. What state are you in?
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Customer reply replied 3 years ago
california
Real Estate Lawyer: Roger, Lawyer replied 3 years ago
Thanks. When you made the loan, did your wife sign something agreeing to allow her property to be used as collateral?
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Customer reply replied 3 years ago
no
Real Estate Lawyer: Roger, Lawyer replied 3 years ago
Ok. How were you able to obtain a loan on her house without her consent....or is that part of the problem? Does your wife know?
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Customer reply replied 3 years ago
The trustee for my bk asked for the deed of the house and to my surprise the title is under my wife;s sole and separate property
Customer reply replied 3 years ago
r u there?
Real Estate Lawyer: Roger, Lawyer replied 3 years ago
Ok. Thanks. If the bank loaned you money and took the house as collateral without getting consent from the title owner, then the bank likely has an unsecured lien......meaning that the bank cannot foreclose on the property because the owner didn't give consent.
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Real Estate Lawyer: Roger, Lawyer replied 3 years ago
The main thing is to make sure you didn't make any improper representations to the bank about ownership of the property.
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Customer reply replied 3 years ago
they foreclosed the property and i had to file bk to stop the sale. what are my options?
Real Estate Lawyer: Roger, Lawyer replied 3 years ago
Your liability for the loan will be discharged during the bankruptcy.......but your wife's property is on the hook UNLESS she challenges the loan and claims that the lender doesn't have a proper lien on the property.
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Real Estate Lawyer: Roger, Lawyer replied 3 years ago
However, for your wife were to do this, it could implicate you with the lender....
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Real Estate Lawyer: Roger, Lawyer replied 3 years ago
So, your wife would likely have to implicate you in order to challenge the loan......and she may not be willing to do that.
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Real Estate Lawyer: Roger, Lawyer replied 3 years ago
One possible solution is for you to convert to a chapter 13 and have her join you in the filing.....and then try to work out a payment plan to pay the debt back over time....with longer terms.
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Customer reply replied 3 years ago
if the bank made a mistake and did not verify title, could i benefit from this. To be honest because the loan was made under my name i was under the impression that the title was under my name. Another item is that the original lender assigned the loan to someone else
Real Estate Lawyer: Roger, Lawyer replied 3 years ago
The back is likely going to claim that it relied on your representations, which is going to point the finger back at you. Sure, they may have dropped the ball by not verifying title, but if you represented that you were the owner, it's going to be hard dodging that.
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