What happens to the mortgage deed after bankruptcy? 9 Answers as of March 25, 2011

My question is, after bankruptcy is my name automatically removed from the deed to the house? Also if the name it not removed am I supposed to do that and how long after the name is removed will I qualify for a new loan?

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Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
No, filing bankruptcy does not automatically remove your name from the deed to your home. Your question does not give any indication of why you want to remove your name from the deed to your home.
Answer Applies to: California
Replied: 3/25/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Bankruptcy does not affect the title to your house and does not remove your name from any loans. In fact, the mortgage LIEN stays against the property after the bankruptcy discharge is entered, unless you take steps to remove it (if allowed under bankruptcy law) during your case.
Answer Applies to: California
Replied: 3/22/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
The bankruptcy does not remove you from the deed. After bankruptcy you still own it until the lender forecloses or it is sold. You have no personal liability to make payments (however you can if you want to, this would be so you could keep the house). No one can tell you when would be able to get another house. It depends on your income, new credit history, and the bank's lending practices at the time.
Answer Applies to: California
Replied: 3/22/2011
Indianapolis Bankruptcy Law Office of Eric C. Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
If you are looking to surrender your home through bankruptcy, you make your intention known when filing and the mortgage company then has to foreclose against the home (in rem) rather than against you personally. You will be responsible for utilities and the like on the home until the foreclosure is finalized after the bankruptcy, at which time the deed will be transferred to the new buyer.
Answer Applies to: Indiana
Replied: 3/22/2011
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
It depends if the Trustee decides to liquidate the property. I cannot say how long it will take to get another loan. That is something a person giving you a loan is going to decide depending on a number of factors.
Answer Applies to: Washington
Replied: 3/22/2011
    Ferguson & Ferguson
    Ferguson & Ferguson | Randy W. Ferguson
    You must ask your attorney who did your bankruptcy. How long til you qualify for the loan is up to the company you apply to get the loan from.
    Answer Applies to: Alabama
    Replied: 3/22/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    You seem to be under the impression that the bankruptcy will eliminate the mortgage. Please note that while in some Chapter 13 cases the court can modify the rights of secured creditors, the bankruptcy will not affect secured debt. Therefore no reforn.
    Answer Applies to: California
    Replied: 3/22/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    Your obligation to pay on any debt will be discharged through bankruptcy (unless it is a non-dischargeable debt). If you are no longer interested in keeping the home, they will sell the property in bankruptcy to satisfy the mortgage (to the best of their ability) and you will no longer have to pay. It will show up on your credit report as discharged in bankruptcy. Bankruptcies stay on your credit report for 7-10 years, so it may have an impact on your ability to get credit going forward, including loans. If you are looking for assistance, please contact me for a free consultation.
    Answer Applies to: California
    Replied: 3/21/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    No, your name is not removed through the bankruptcy. If the house is transferred, either voluntarily by you, or involuntarily, such as in a foreclosure or a bankruptcy trustee taking it to get the excess equity, THEN you're talking about a change of ownership, but no, your name is not automatically removed.
    Answer Applies to: California
    Replied: 3/21/2011
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