What to do if my son and I bought a house together but he moved out and filed bankruptcy?

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What to do if my son and I bought a house together but he moved out and filed bankruptcy?

I filed for a modifacation on my loan but the loan company said that he still has to sign the papers. If he signs the papers does that put him back on the loan and responsible for the payments. Also, he wants me to sign a quick claim deed if I do will that remove him from my mortgage?

Asked on November 5, 2012 under Bankruptcy Law, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Your son's signing of a quit claim deed to you of his interest in the jointly held property will not remove him from any loan obligations he may have as to the loan. It only removes him from being the owner of the property. The loan modification paperwork as to the home's loans that he signes will not take him off of the loan. It will only possibly assist in getting a better loan rate for the property.

I suggest you and your son consult with a real estate attorney to assist you in the matter you are writing about.


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