Legal Question in Bankruptcy in California

Quitclaim question and bankruptcy

Hello

I bought 2 apartment buildings with another individual 10 yrs ago

and

8 yrs ago a quitclaim deed was signed over to--name removed--

I have been paying mortgage and taxes as sole proprietor, although

i did not refinance--the other persons name also shows up on loans.

His attorney told him a quitclaim deed does not matter in this case

and now I have a possibility of losing these properties.

IS IT TRUE???

1) does quitclaim deed means no longer has interest in property?

2) can I lose properties because I did not re finance with--name removed--name

alone?

thank you, any info would be greatly apprecciated


Asked on 9/03/05, 12:05 pm

2 Answers from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: Quitclaim question and bankruptcy

I'm not sure what you're asking. A quitclaim deed means that the person executing it extinguishes a legal interest in the property. As for the loan, the persons whose names appear on the loan papers remain liable for the loan. Hope that helps. Feel free to e-mail me more specifics.

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Answered on 9/03/05, 1:11 pm
Carl Starrett Law Offices of Carl H. Starrett II

Re: Quitclaim question and bankruptcy

Your post is very difficult to follow and I cannot tell who is on title and who is filing bankruptcy.

If someone quitclaims their interest in a property to someone, the are releasing all right, title and interest they have in the property. If one of the owners of record files for bankrupty, then the property becomes part of the bankruptcy estate and can be sold for the benefit of creditors.

It would be extremely helpful if you could rewrite your question to post more facts about this case. It is difficult to comment further without more information.

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Answered on 9/03/05, 1:15 pm


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