What To Do With Your Ex-Spouse & Home After Personal Bankruptcy
Is your former spouse’s financial misdemeanors haunting you? This is a familiar story: One of the spouses makes a mess of the finances and then the family is forced to go into personal bankruptcy to save assets like their home. Now if you are divorced and you have the house, then you are probably paying the mortgage on the home. But if you don’t yet have the house in your name, and the bankruptcy prevents you from taking another loan, you may be in a bit of a soup. So how do you ensure that the house for which you are paying will indeed be yours at a later date?
If your ex-spouse still has the title to the property, then you should get a quit claim deed from him/her. This will show that s/he has relinquished all ownership right to the property to you.
However if s/he refuses to give you a quit claim deed until the time at which you’re able to refinance, you may probably have to wait until such a time. Then, you can have him/ her execute the quit claim deed at the closing on your mortgage. These things can happen simultaneously.
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