Question on surrending Inv property???

[mbutterfly]

I will be filing BK next year (April 2009). DH and I own an investment lot (FL) and will stop making payment this month. The mortage is under my name only and in title DH and I. Would it be possible to quick claim DH from title?

Thanks,
Mbutterfly

[StartingOver08]

According to my attorney, the trustee looks back on real estate deeds and mortgages for the past TEN YEARS! I am in FL too. It may be a problem to transfer DH off the title..

[mbutterfly]

StartingOver08

So what would happen to DH since he's not filing Bk?

[StartingOver08]

Well, funny you should ask. I am also married and I filed a couple of weeks ago. My DH did not file. But, I had to include his income on the schedules because they go by household income.

We are a little different because we have a pre-nup (we were married in the 80's, divorced for 15 yrs then remarried in 2005 w/pre-nup). We are able to prove that all of our financials are completely separate. No joint accounts whatsoever. But it does make the filing a little difficult and my attorney says that we will be challenged.

[justbroke]

I will be filing BK next year (April 2009). DH and I own an investment lot (FL) and will stop making payment this month. The mortage is under my name only and in title DH and I. Would it be possible to quick claim DH from title?

I just don't understand what the Quit Claim (QC) would do for you? Are you trying to keep from hurting his credit?

If the DH is not on the Note/Mortgage, then he is not in debt to that Creditor.

From a legal standpoint, and this is my opinion only, the lien on the lot will survive any QC anyhow. The Creditor will be able to file a lis pendens (lawsuit) in Florida and then pursue foreclosure... if you're not in a Chapter 13 and seeking to cure any default.

Again my opinion, but your DH doing a QC on the property, should not affect your Bankruptcy, as it will be property of your (Bankruptcy) estate.

Now, if you're trying to put in a QC for yourself on the property (leaving the DH with full title)... then that's going to be a major problem and an avoidable transfer. Nevertheless, the lien would still survive the QC (transfer) and the Bank will still get the property.

What are you really trying to do?

[mbutterfly]

Justbroke,

In FL property taxes are to be paid by March 31st, b/c DH is on title, tax lien will be on his credit?

We have seperate accounts for checking/savings and cc. All debt that I will be filing on BK are mine.

[justbroke]

Justbroke,

In FL property taxes are to be paid by March 31st, b/c DH is on title, tax lien will be on his credit?

I have two tax liens on my property. I have not seen them on my credit. I don't think the Tax Certificate holder can pursue any collection act against the person or property, until two years after the tax was past due. Therefore, you won't see any credit report affect until the 2 years are up (my first one is due 4/1/2009).

Aha, you say that you're surrendering the property. Well, the taxes are attached to the property not a person!!! If the Bank gets the property, then the Bank will pay the taxes! The Bank certainly doesn't want the tax certificate (tax lien) holder to apply for a Tax Deed and take the property through foreclosure!

Although, that would be funny.