Spouse refinancing separate property - lender says debtor has to
Posted: Tue Aug 13, 2013 11:40 am
He filed that after the first refinance.
On Tuesday, August 13, 2013, Steven B. Lever wrote:
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> It would be better if he could file a Spousal Quitclaim Deed instead.****
>
> ** **
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> Steven B. Lever ****
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> ** **
>
> *From:* cdcbaa@yahoogroups.com 'cdcbaa@yahoogroups.com');> [mailto:cdcbaa@yahoogroups.com]
> *On Behalf Of *Holly Roark
> *Sent:* Tuesday, August 13, 2013 10:06 AM
> *To:* Strictly Bankruptcy Issues; cdcbaa
> *Subject:* [cdcbaa] Spouse refinancing separate property - lender says
> debtor has to sign deed of trust - WHAT?****
>
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> ****
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> Clients have a prenup making clear that each spouse's property is
> separate, including all real estate and wages earned during marriage.****
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> ****
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> Wife owns a house as separate property. A few years ago, she refinanced,
> and the bank had the husband "sign" the deed of trust because they said it
> was necessary despite being the wife's separate property. Well, "signing"
> the deed put him on it as a "borrower" (despite him having horrible
> credit), and despite him not owning any interest in the property.****
>
> ****
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> Wife only discovered this issue now that she is seeking to refinance
> again, and since the Debtor is going to be filing BK, I pulled the
> title and saw his name on the deed of trust as a borrower and brought it to
> their attention. ****
>
> ****
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> For the second time, the bank is saying that the debtor spouse has to sign
> the deed of trust and has designated him as a "borrower"! Wife went back
> to the bank and told them to take him off as a borrower, which they did.
> However, they still insist he needs to sign the deed of trust on the last
> page as a co-signer. The terms in the deed say that a "co-signer" is not
> liable on the note if the note is not signed (which it's not signed by
> debtor), and that the co-signer is merely conveying his interest in the
> property (if any).****
>
> ****
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> Is this normal, required, and necessary because CA is a community property
> state? We just don't want the same mistake to happen again. We will
> already have to explain to his chapter 7 trustee after he files why he was
> mistakenly on the loan in the first place when everything is "separate".**
> **
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> ****
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> ****
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> Holly Roark****
>
> Certified Bankruptcy Specialist*****
>
> holly@roarklawoffices.com 'holly@roarklawoffices.com');> **primary email address******
>
> www.roarklawoffices.com****
>
> Central District of California****
>
> Consumer Bankruptcy Attorney****
>
> 1875 Century Park East, Suite 600****
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> Los Angeles, CA 90067****
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> T (310) 553-2600****
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> F (310) 553-2601****
>
> *By State Bar of California Board of Legal Specialization****
>
> ****
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> **For a quicker response, email me at holly@roarklawoffices.com.
> ****
>
> I only use gmail for my listservs, and am likely to miss private emails **
> **
>
> directed to my gmail account.******
>
> ****
>
> ****
>
>
>
Holly Roark
Certified Bankruptcy Specialist*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600
Los Angeles, CA 90067
T (310) 553-2600
F (310) 553-2601
*By State Bar of California Board of Legal Specialization
**For a quicker response, email me at holly@roarklawoffices.com.
I only use gmail for my listservs, and am likely to miss private emails
directed to my gmail account.**
He filed that after the first refinance. On Tuesday, August 13, 2013, Steven B. Lever wrote:
It would be better if he could file a Spousal Quitclaim Deed instead.Steven B. Lever
From:
The post was migrated from Yahoo.