Legal Question in Real Estate Law in California
California-Just got divorced. Ex is willing to quitclaim on the property that is in a precarious position with the bank-pending loan mod, etc. If he quitclaims will that change the landscape of the loan mod and/or if I file bankruptcy, will he have to also because he is on the note, whether he is on the title or not to save the property? I am currently unemployed and he is leeching off of the new GF (no job either), so my income is at max weekly rate of CA unemployment rate. Should I reapply for a loan mod with my married daughter's income also (she and her husband also live in the house)
2 Answers from Attorneys
His quit claiming the property to you does not change the terms of the loan; he still is liable to the bank. For the bank to consider your daughter's income she would have to be on the loan and perhaps title. Why would the bank agree to a loan modification for a divorced couple with no income except unemployment?
He can quitclaim to you, but the property is still subject to the lender's deed of trust. If the lender does not agree (as Mr. Shers points out, because both of you are unemployed) the bank can still foreclose on the property, and have you evicted after the trustee's sale.
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