Joint mortgage, quit claim deed, bankruptcy after divorce – how does that affect spouse’s credit who currently “owns” the home?

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Joint mortgage, quit claim deed, bankruptcy after divorce – how does that affect spouse’s credit who currently “owns” the home?

Home was purchased after marriage in community property state, joint with husband. During divorce, husband signed quit claim deed and divorce decree states property goes to wife, but loan remains joint. Ex-husband then files for bankruptcy after divorce is final. What are the ramifications to the ex-wife, if any? (credit, etc?) Is he required to list that debt since it is an “asset”?

Asked on July 3, 2009 under Bankruptcy Law, Arizona

Answers:

GW, Member, Michigan and Hawaii Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You should discuss this matter with your divorce lawyer. You may have some remedies in divorce court. You need to make sure that the mortgage gets paid. If the mortgage does not get paid, you will lose the house. While the foreclosure should not show up on your credit report (assuming the loan was only in the ex-husband's name) the lender has the right to foreclose if the loan isn't paid.


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