If the lender is willing to take a deed from you in lieu of filing a foreclosure, then the answer is Yes, you can quit claim the property to the lender. Question Detail: My ex-wife filed a Utah Chapter 13 bankruptcy prior to our divorce being granted. If the debtor dies during Chapter 13 bankruptcy, the survivors might let the case get dismissed. The lender has approved a short sale settlement of 25K. A few years ago, most banks and mortgage companies (we will call them banks for this blog) foreclosed on a property – house or land – within three to four months of the bankruptcy filing. In re Zair, 535 B.R. Hello again. 2015) – The debtors proposed a chapter 13 plan providing that certain real property was to be surrendered to the mortgagees and title to the property was to vest in the first mortgagee over its objection. If a buyer wants to protect the low Proposition 13 basis, may he or she "buy" the trusteeship and pay the… You must be very very careful with transferring property before and during an active bankruptcy. play. deed and title in writing ... quitclaim deed. It doesn't matter whether you retain ownership or place the assets in a trust – they're not in jeopardy because your debts are satisfied through your disposable income each month. warrant title forever that grantor is true owner ... warranty title only during grantor's ownership that he is true owner. Chapter 7 vs. Chapter 13 Two forms of bankruptcy are available to individual debtors: Chapter 7 and Chapter 13. real estate chapter 13. study. elements of a valid deed. She has refused to sign a quit claim deed, stating that she has protection from signing anything per her bankruptcy protection. For instance, if you decided to quitclaim deed a property in bankruptcy and the U.S. Bankruptcy Courts find out, your petition can be dismissed. Absolutely false! You are the seller. ... then the filer may lose the home as it may be listed under non-exempt property while filing chapter 13 bankruptcy. Chapter 13 and QuitClaim Deeds. My brother filed chap 13 and inc his house. Chapter 13 vs. Chapter 7 If you file for Chapter 13 bankruptcy, creditors can't get to your property. Since a quitclaim deed only transfers ownership rights, a debtor is free to sign a quitclaim deed after declaring Chapter 13 bankruptcy." Explaining California Prop 13 transfer rules. Can he do a quitclaim deed to me before I close and take official ownership, so that I can market the house for sale? This means that the automatic stay is over and the creditors can start foreclosure proceedings. You should … Ask For a Hardship Discharge. Proposition 13 capped property taxes at one percent, but what happens when you transfer home ownership? 15 (Bankr. bargain and sale deed. Regarding the Chapter 13, if the property was quit claimed to you while you were in bankruptcy, you were supposed to report it to the bankruptcy trustee.Refer to the following for the procedure that you were supposed to follow regarding the sale of the property. The court can grant a hardship discharge before completion of all required Chapter 13 plan payments. E.D.N.Y. general warranty deed. There may be some tax consequences if the value of the property is less than the amount that you owe. We didn’t resolve the community property, and now I want to short sale the property. The deceased debtor will not receive a discharge, and the estate will likely remain liable to creditors. In fact, selling or using a quitclaim deed to transfer property can have many consequences. Q: The family trust has one piece of real estate in California. 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