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If we bought home jointly but one spouse filed chap 7, can that spouse stay on title/deed if the other spouse refinances?

My husband and I bought our home jointly 5bor 6 years ago. Our loan has been sold twice making us on our 3rd lender. Approximately 2 years ago things took a turn down hill with my husband and i losing our jobs 6 months apart. Causing default on the mortgage. In hopes to save my vehicle which was in my name only I filed Chapter 7 but also asked my name to be removed from the mortgage. It has been around a year since discharge and my husband is working with the bank to refinance. Even though I gave up my financial responsibility in my bankruptcy can I remain on the deed/title? The house is the only thing we ever had jointly and I would like to keep it joint. Can this legally happen in Missouri? by taylor.dani1987432 from , California. Jun 12th 2021 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

Some lenders MAY allow your husband to keep his legal spouse remaining on title. Even if they don't, your husband could add you back to title once the new loan closes escrow. I actually had a similar situation a few years ago where his credit remained good and hers did not. I advised her to do what I am advising you to do. She didn't and was blindsided. To protect yourself BEFORE you do the refinance, have a document preparer prepare for signing the following: A Quit Claim Deed and a Grant Deed. The Quit Claim Deed is prepared to remove you from Title. The Grant Deed is prepared to have your Husband Grant you onto title as a Joint owner (the most common form of joint owner in a non-community Property state (like Missouri) is Joint Tenants with Rights of Survivorship. In a community Property State (Like California) is Community Property with Rights of Survivorship. Have the Quit Claim Deed Signed and Notarized first. Sign and Notarize the Grant Deed second. YOU keep the Grant Deed in a secure place where he cannot get his hands on it. YOU record the Grant Deed the day after escrow closing. In the case I was referencing above, she totally trusted him to do the right thing, but apparently, he had been planning an 'escape'. After escrow closed and she was not on title, he refused to put her back on title sold the home and filed for divorce. It cost her a small fortune in legal fees and nearly a year to get back a fraction of what it was worth. And what she really wanted was the home as it had been her mother's home. Remember, in Love and War, everyone is happy until someone fires the first shot. Forewarned is forearmed. . Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ 480-889-9000.

Jun 15th 2021
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