You may want to transfer ownership of a property if you are newly married and want your spouse on the title deeds. You can do this through a transfer of equity. This is where a share of equity is transferred to one or multiple people, but the original owner stays on the title deeds.

Can a mortgage be transferred in a divorce?

Transferring the existing mortgage to the spouse keeping the house might be the easiest way to settle the housing issue. Usually a lender will want copies of the divorce decree and a properly executed and filed quitclaim deed in order to transfer the mortgage. Taking over a mortgage is called a mortgage assumption.

Can a mortgage be taken out on property without the consent of one of the owners?

If you share property ownership with someone else — spouse, business partner, relative — it’s unlikely he can take out a mortgage or a home equity loan without your consent. It’s not, however, completely impossible.

Can someone refinance your home without your permission?

If you’re the sole owner of a house, you can refinance without your spouse’s signature or consent. If you own a property together and both of you want to remain as borrowers on the refinance loan, then your spouse will need to apply for and sign the refinance documents.

What happens to your property if you file bankruptcy without your spouse?

Your spouse’s separate property and their share of joint property are not included in your bankruptcy. In a community property state, all community property is part of your bankruptcy even if you file without your spouse unless you have some exemptions.

Can a co-owner of a house file bankruptcy?

Equity and Exemptions in Chapter 7. If your ex is on the deed to your property as co-owner in addition to being on the mortgage, his creditors and the bankruptcy trustee will be eyeing his share of the equity in your home for liquidation to pay off his debts.

How does filing bankruptcy affect your spouse’s credit?

Will My Bankruptcy Affect My Spouse’s Credit? If you file for bankruptcy without your spouse, it will typically not affect your spouse’s credit. But if you have joint debts, the fact that you filed for bankruptcy to discharge the debt may appear on your spouse’s credit report.

What to do if your spouse files for bankruptcy?

Assuming that the debt is solely to your spouse’s name, you can ask the collectors to stop. If your spouse has already filed for bankruptcy, he or she can ask the bankruptcy court for an automatic stay to halt all collection activity.