Loan questions and bankruptcy.

Asked by Alissa, Arizona Tue Aug 4, 2009

My father and I recently bought a house for me. Because times were so tight, I needed him on the loan (and also on the title) in order to qualify. I now have the house and I pay all the bills myself. My father's business has now tanked and he is considering filing for bankruptcy.
My father states that if he files a quit claim on my house he can be removed from the title and not the loan. Is there any way my house can be taken from me now? I am not deliquient on any charges and will not be in any foreseeable future.

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Bob McClure, Other Pro, Walled Lake, MI
Tue Aug 4, 2009
good morning alissa....the mortgage debt should be reaffirmed with the bk trustee...i assume dad's bk filing is a chapter-7.right?..that means he will acknowledge the mortgage as a debt and the home as an asset (if the value is upside down or not upside down, it still needs to be acknowledged as an asset)....as long as you maintain the payments, you're okay......to continue to stay in the home.....also, if the two of you quit claim deed to just you, that also has to be acknowledged to the bk trustee...his bk attorney can give you both the proper guidance on what proceedures to follow, and in what order...i hope that helps...best of luck to you both....bob mcclure- success mortgage partners- plymouth, michigan......
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