If my spouse who I am filing a divorce from is wanting to file bankruptcy before our divorce is final, what effects will this have on me if I am still on the mortgage? How long does it take for a quitclaim deed to take effect?
2 Answers from Attorneys
Generally, the mortgage company doesn't care if you're in bankruptcy, divorce, or anything else, as long as they receive their payments every month. It shouldn't have any effect at all, assuming that the payments are current.
I assume that HE is being awarded the house. Until the house is refinanced (I assume that you're both "on the note"), you are still contractually liable for the house loan, even if the decree awards the house to him AND orders him to make the payments each month.
A quitclaim "takes effect" as soon as it's recorded in the County Clerk's office where the property is located.
Bankruptcies put "stays" on all lawsuit, including divorces. You will need the Bankruptcy Court's permission to continue with your divorce if your spouse files during the divorce.
A Quit Claim Deed will not absolve you or responsibility for the mortgage on the house. Deeds and mortgages are two entirely separate things.
Related Questions & Answers
How old does a minor have to be to make a choice about which parent they want to... Asked 10/14/09, 10:57 am in United States Texas Family Law, Divorce, Child Custody and Adoption
My ex-wife has filed bankruptcy and listed me as a creditor (Child Support). My... Asked 10/14/09, 10:27 am in United States Texas Family Law, Divorce, Child Custody and Adoption
Type your question here...I am 17 and wanting to move out. My parents keep telling... Asked 10/13/09, 11:43 pm in United States Texas Family Law, Divorce, Child Custody and Adoption
I am wanting to get a divorce . he has been gone over a year . i dont not want to... Asked 10/13/09, 10:28 pm in United States Texas Family Law, Divorce, Child Custody and Adoption
I have temp sole custody of my son and his dad is trying to take him away from me I... Asked 10/13/09, 9:47 pm in United States Texas Family Law, Divorce, Child Custody and Adoption