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Investment Property I'm on note, but not on Title

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  • Investment Property I'm on note, but not on Title

    I am filing Chapter 7. Wife is not. Wife owns an investment home titled just in her name. A few years back wife allowed me to take out a loan against it (just in my name) to fund a business. Investment property has 100k equity. Attorney said that Trustee cannot touch property since it has been titled in her name only since the purchase. My question is even though the mortgage is being paid by her, will the bank exercise their acceleration rights due to my filing Chapter 7? She has tried to refinance in her name only but hasn't been able to qualify.

  • #2
    OK - something sounds weird here.......

    How in the world were you able to use this property as collateral for a loan without the "owner" (your wife) being obligated on the note???????

    This would be akin to me taking out a mortgage on my next door neighbor's house....

    I cannot see how the lienholder has a valid claim against the collateral if the person that signed the note is not the person that holds title to the collateral....

    Is this some funky community property state thing that I don't know about????

    Now, the more likely scenario is that your wife is actually on the note and is on the hook for the payment - and you are simply a co-borrower / co-signer / co-obligor. If that's the actual case, than your wife is still on the hook, and your discharge will probably not affect the loan.

    If, by some chance, your wife is NOT on the loan at all - you may have a chance of having the lien voided entirely......you cannot take out a mortgage on someone else's property. This is called fraud.

    Now, if I'm wrong - please someone tell me - because the first thing I'm doing is applying for a loan on my parent's house and taking a long overdue cruise to South America.
    Moving ahead with my fresh start!
    Ch 7 Discharge: 12/14/2009
    TT Report of No Dist! 03/31/2010
    Case CLOSED!!!: 04/28/2010

    Comment


    • #3
      I have to agree with last2cents: This sounds not right. In any case, if they wish to foreclose for non payment, they can take the property. If the payments are made steady, they are not likely to bother with it at all.

      I don't think you have a problem yet. Only speculation on your part. Worry when a worry is due. Then act upon it. At this time get a good nights sleep.

      This is not an issue unless you make it so in your own mind.

      Only my opinion. 'Hub
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

      Comment


      • #4
        It's exactly as I stated. I took out a loan on my wife's property. I'm the only responsible party on the note. Yes, she granted the mortgage, i.e., giving me permission to take out a loan on her property and guaranteeing the bank that she would maintain insurance, maintain the premises, etc. And yes, you can take out a loan out on your neighbor's property as long as they sign the mortgage granting you permission to do so. The note and the responsibility for paying the debt is only in my name.

        I don't even want to include the loan in the BK but the attorney says I have to even though it's current. What I'm wondering is, once the bank catches wind that I'm including this loan in the bankruptcy, would the bank call the note due? The attorney did tell me that the property is safe from the trustee.

        Comment


        • #5
          You've got to list all debts when you file. And your wife is in a position to loose that property. She may have to buy it back from the bank.
          All information contained in this post is for informational and amusement purposes only.
          Bankruptcy is a process, not an event.......

          Comment


          • #6
            Originally posted by Stephen1234 View Post
            It's exactly as I stated. I took out a loan on my wife's property. I'm the only responsible party on the note. Yes, she granted the mortgage, i.e., giving me permission to take out a loan on her property and guaranteeing the bank that she would maintain insurance, maintain the premises, etc. And yes, you can take out a loan out on your neighbor's property as long as they sign the mortgage granting you permission to do so. The note and the responsibility for paying the debt is only in my name.

            I don't even want to include the loan in the BK but the attorney says I have to even though it's current. What I'm wondering is, once the bank catches wind that I'm including this loan in the bankruptcy, would the bank call the note due? The attorney did tell me that the property is safe from the trustee.
            OK - so SHE signed the mortgage document and YOU signed the promissary note ???. Still an unusual situation. I worked in real estate lending for many, many years and I never saw a scenario as you've described. Well, you learn something new every day.

            The property is probably safe from the trustee as your lawyer indicated, but as to what the bank is going to do.....that's a tough one.

            If the situation is exactly as you've described - it's possible that the bank will immediately begin forclosure proceedings against your wife. I don't see how your automatic stay would prevent this - since they would be exercising their rights against the property and not against you.

            Now, if you want to keep the property, and the payments are current - you might want to think about re-affirming this, or seeing if the bank will allow your wife to assume the loan.

            Before you do anything though - I strongly reccomend that you seek out an experienced real estate attorney to review the loan documents, and see exactly what the provisions are in the event of default - even though the payments are still being made, in some cases, a notice of BK is considered an automatic default.
            Moving ahead with my fresh start!
            Ch 7 Discharge: 12/14/2009
            TT Report of No Dist! 03/31/2010
            Case CLOSED!!!: 04/28/2010

            Comment


            • #7
              O.K. Just looked up the mortgage. It states the following:
              "Borrower" means the parties obligated on the debt instrument.
              "Grantor" under this security instrument is: (lists my wife's name only).
              "Debt Instrument" means the promissory note signed by Borrower and dated (lists date and amount). I'm positive that only my name is on that promissory note. I wish her name were on it, because then the bank would just look to her, right?
              The strange thing is that on the signature page, both my wife and I signed as "grantors," but only her name is listed as the grantor on the first page.

              Also, the attorney told me that I can't reaffirm an investment property in Florida, just a homestead. Is this correct information?

              Anyone??

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              • #8
                hi

                i think attorney will lead you rightly
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