QUESTION

Can I file for Bankruptcy to stop foreclosure on my home if I am on the Deed but not on the loan?

Asked on May 31st, 2011 on Bankruptcy - California
More details to this question:
We have just been denied a modification and Bankruptcy might be our only option left, however, my spouse does not want to file but I do. The loan is in her name and the deed is in both of our names. Can I file to get protection and pay the past due payments in a repayment plan?
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10 ANSWERS
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Answered on Jul 12th, 2013 at 12:43 AM
Where are you located?

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Answered on Jun 09th, 2011 at 9:50 AM
Bankruptcy is complicated and very individual to the person. Our advice and recommendations for you is based on your entire circumstance. There is a free consultation to come in and speak with our office where we can give you specific advice on your situation. I apologize that I am unable to answer this question for you at this time. We look forward to hearing from you. If you are located in Oregon, please do not hesitate to contact me.

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Answered on Jun 03rd, 2011 at 11:09 AM
Technically, without doing some time consuming legal research, I think the answer is no.The real question is whether or not you can put together a viable repayment plan.I assume you're considering a Ch 13.If you and your wife would like to meet and consult about the prospects in a Ch 13, then she may change her mind about filing the bankruptcy. Feel free to call my office, 503-296-6777, and arrange a consult.I charge $200 for that type of in-office consult.

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Spencer Hale
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Answered on Jun 03rd, 2011 at 10:56 AM
How did you get on the deed without being on the note? What bank allowed that? Anyway to answer your question, yes. You can file bankruptcy to protect that property. As soon as you file bankruptcy, the property will be protected in the bankruptcy, but this protection will not last long unless you deal with the lien appropriately. Your situation is complicated because the note is not part of the bankruptcy (unless you happen to live in a community property state). You really ought to speak to an attorney near you to get some help. Your wife should speak to an attorney as well so she at least knows what she is up against.

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Answered on Jun 03rd, 2011 at 10:52 AM
Yes. If your name is on the deed, your filing a bankruptcy will stop the foreclosure sale. A Chapter 13 would allow a repayment plan to catch up on back payments over a five year period. Before any bankruptcy filing, you and your wife should both consult with an attorney who specializes in bankruptcy law. I am certified by the Legal Board of Specialization of the State Bar of California as a Specialist in Bankruptcy Law. For a free consultation, call me.

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Mr. Eric C. Lewis
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Answered on Jun 03rd, 2011 at 9:12 AM
A Chapter 13 plan would not work for you if you are not on the mortgage. Your spouse would have to file to gain that protection which would allow you to catch up on the arrearage over time.

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Answered on Jun 02nd, 2011 at 11:49 AM
A lender has always screwed up badly when they let one person be on a loan but have two people on a deed. That screwup creates a problem for you as you have an asset in bankruptcy but no debt to list. Without your spouse on the bankruptcy, you are likely to not save the home. You and your spouse need to see a lawyer ASAP. You need to get on the same page before he costs you your home.

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Answered on Jun 02nd, 2011 at 11:40 AM
If you are not the borrower you cannot pay arrearages in a chapter 13 plan.

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Answered on Jun 02nd, 2011 at 11:40 AM
Yes you can - Chapter 13. Hire a lawyer stat.

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Answered on Jun 02nd, 2011 at 11:19 AM
Yes, anyone having an ownership interest in the house can file and obtain the protection of the automatic stay to stop the sale of the property. It is the ownership interest and not the loan obligation that qualifies a person to ask for protection from the bankruptcy court.

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