transfer of property

[vaslimkat27]

When we first purchased our house the mortgage loan was in my and my husband's name. Twelve months ago I refinance but my husband's credit was damaged and his name is not listed on the new mortgage loan. Does he have to list the house as a tranfer made in the last two years if both of our names were orginially on the loan?

[StartingOver08]

When the attorney is looking for transfers, he is actually looking to see if you transferred the asset. So if you took your husband's name off the deed when you refinanced then that would be a transfer of sorts that would need to be disclosed. But more likely than not, you probably just refinanced the mortgage in your name. The attorney will want to see the original mortgage docs, the new mortgage docs and sometimes they want the mortgage application too.

[OhioFiler]

When we first purchased our house the mortgage loan was in my and my husband's name. Twelve months ago I refinance but my husband's credit was damaged and his name is not listed on the new mortgage loan. Does he have to list the house as a tranfer made in the last two years if both of our names were orginially on the loan?

Did you take him off the deed? If he's on the deed there is no asset transfer. If he's off the deed I doubt there's a transfer either.

[fltoo]

Loan does not matter. If he is still on the deed, you are fine.

If he transferred the deed to your name only, you have a problem.

Is there any equity in the property? The whole issue might be moot.

[NoMoreRed]

Transfer of property is not so much an issue as long as you are not transferring valuable property in an attempt to hide an asset. Example--we had a vehicle that was completely paid off that we transferred to our 17 year old son as a birthday gift. We were asked about it at our 341 meeting and replied honestly. The trustee did not have any problem with it. However, the vehicle was 12 years old and todays value was very low and was under the exemption anyway.

In the case of your property I would say not to worry since you did not transfer it to someone else in an attempt to hide it.

[vaslimkat27]

His name is still on the deed and this is our primary home in which we live. I thought the federal laws would prohibit our home from being sold if our payments are current and we filed a homestead. Is that true?

[StartingOver08]

You have to exempt any equity you might have in the property. To find out your exemptions go to www.legalconsumer.com and look under your state. That should be a good start for you.

[fltoo]

Transfer of property is not so much an issue as long as you are not transferring valuable property in an attempt to hide an asset. Example--we had a vehicle that was completely paid off that we transferred to our 17 year old son as a birthday gift. We were asked about it at our 341 meeting and replied honestly. The trustee did not have any problem with it. However, the vehicle was 12 years old and todays value was very low and was under the exemption anyway.

In the case of your property I would say not to worry since you did not transfer it to someone else in an attempt to hide it.

If a husband transfers title of a jointly owned home to his wife and the house has say, 50,000 unexempted equity, and then just the husband files bk within two years, this will be a troublesome transfer whether it was innocent or not.
The trustee is looking for money to give to creditors.

OP is fine since title is still in both names. The loan is not an asset.

[NoMoreRed]

If a husband transfers title of a jointly owned home to his wife and the house has say, 50,000 unexempted equity, and then just the husband files bk within two years, this will be a troublesome transfer whether it was innocent or not.
The trustee is looking for money to give to creditors.

OP is fine since title is still in both names. The loan is not an asset.

Yes, with this scenario it would be true.

[sac42375]

Sold Car?

My husband and I are currently trying to file Chapter 7, we plan on filing July 1st. In October I sold my car to my sister for the blue book value ($2500) however I stated on the DMV transfer that I sold it to her for only $500. I didnt know at the time that we would have to list it on our BK. I thought they looked at 6 months worth of income. I have a bill of sale for $2500 but I will the DMV title transfer cause an issue?