uick deeds

[MelindaD]

What is the name of your state? Ga. We have just filed a chapter 7 and I have talked to the home mortgage place and they are willing to refirm the loan if we get our account with them current. Which I will be able to do next week. The question is that once we have filed the chapter 7 we want to leave the state of Ga. I was wondering if it is possible to quick deed the house to someone and if I can will it be out of my name into hers or will my name stay on it? I am really sure she will take care of it and pay on time I need to get out of this state and move on with my life. Any advise would be helpful.
Melinda

[giggle50]

Quit claiming the house to someone else won't take the mortgage out of your name. If you [URL=http://www.directlex.com/chapter7-bankruptcy/reaffirm-debt.htm]reaffirm debt[/URL] you will be responsible for the debt like the bankruptcy never happened.

[MelindaD]

Thanks Giggle. Is there a way to sell the house to my friend so that the house will not be in my name any longer? Can it be done without the lawyer and mortgage company demanding more money from her or me?

Originally Posted by MelindaD

Thanks Giggle. Is there a way to sell the house to my friend so that the house will not be in my name any longer? Can it be done without the lawyer and mortgage company demanding more money from her or me?

If you convey the land, then it will trigger due on sale clause with the lender, meaning the mortgage must be paid in full.

[Cushie]

You do have a few options. Probably the best would be to have your friend buy your home on contract. With this, your name will still be on the deed. You would essentially be the lender and she the mortgagee. I would have all documents drawn up a lawyer.

You could also check and see if you have an assumable mortgage. If so, she has to qualify with your mortgage company and if she does she can assume your mortgage - same terms, everything.