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  1. #1

    Default Will Quit Claim Deed Remove Your Name from a Title

    My question involves real estate located in the State of: KENTUCKY

    I filed ch 7 bankruptcy in 2013 and included my home. I stayed in the home and payed but I am buying a new home and they require I get my name off the title. Will a quitclaim deed provide this without having to work with the bank I had the original loan through since they have no recourse on the lien and own it anyway?

  2. #2
    Join Date
    Sep 2010
    Posts
    19,421

    Default Re: Will Quit Claim Deed Romove Your Name from a Title

    You've lost me. Has your bankruptcy been discharged? Did you reaffirm the loan? If the bank owns it (i.e., has already taken a deed for it or they have foreclosed), then a quit claim isn't going to do much. If they haven't foreclosed (or otherwise accepted a deed), the fact is YOU STILL OWN IT. You still are accumulating tax liability for it, and yes it can affect your ability to get another loan. In order to quit claim it to the bank, they will need to accept that. You can try contacting them and see if they will, but in many cases it is not advantageous for them to do so as it opens them up to tax other (HOA dues, etc...) liability for a property that they probably can't sell right off.

  3. #3
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Will Quit Claim Deed Romove Your Name from a Title

    Did you reaffirm the mortgage loan? If not it should not hinder obtaining a new mortgage loan as you legally owe nothing. Even though you own the home you legally don't owe the debt. If you stop paying the bank simply forecloses in order to take title to the home. You could ask the bank to a accept a deed in lieu of foreclosure. It would be faster than waiting for then to foreclose and take the house.

    If you reaffirmed the mortgage loan you have to pay off the loan in order to be free of the debt or ask the bank to accept a deed in lieu of foreclosure. How much you owe on the home and how much it is worth could make this option difficult.

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