Legal Question in Real Estate Law in Indiana

HE Quitclaimed the house and now I am bankrupt

In 1993 my fiance and I purchased a house together.

Two years later when we split up, he quitclaimed the house to me (there was so little equity at the time we would have had about $100 each).

He has never wanted to help pay for the cost to have his name removed (I would have had to refinance the house) so he remains on the mortgage.

Now I am contemplating a chapter 7.

We purchased the house for $68000

The balance is approx 59000

It appraised for $72000 (I wanted to get a 2nd and expected it to appraise for $80000.

Can I reaffirm the mortgage since he is on it even though there is $13000 equity?

If I have to relinquish the house can he assume it thereby making $13000

(I have approximately $200000 in unsecured debt)


Asked on 12/02/00, 6:57 pm

1 Answer from Attorneys
Mary Ann Wunder Wunder & Wunder

Re: HE Quitclaimed the house and now I am bankrupt

The equity in your home exceeds your available exemption under Indiana law. Notwithstanding, you should be able to reaffirm the mortgage. To solve your problem of your assets exceeding your exemptions, you might explore a Chapter 13 or consider an offer to the chapter 7 trustee for the excess.

Read more
Answered on 12/04/00, 5:33 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Indiana