Legal Question in Bankruptcy in New York

Re: Quitclaim deed and bankruptcy

I think you may be confusing deeds with mortgages. They're not the same thing.

A deed is an instrument that provides a legal description of the property and conveys the property to another person or entity. It has nothing to do with how the property is paid for.

A mortgage is an instrument that places a secured lien on the property until the lien is satisfied (paid off). You pay every month on your mortgage, which lies there quietly until you stop paying; if you do that, it provides the basis for the mortgage money lender to foreclose (repossess your property). It has nothing to do with conveying the property.

You do not have to qualify for a deed of any type, quitclaim or other; you do have to qualify for a mortgage.

If an attorney is handling your bankruptcy, talk with him/her about this; the Trustee (and perhaps the judge) in your bankruptcy case needs to be informed about this request from the divorce mediator before any action can be taken to register a deed on your property while you are in Chapter 7 proceedings. If you do not have an attorney handling your bankruptcy case, you need to contact the Trustee yourself and ask him/her how s/he wants to handle the request from the divorce mediator.

If you do not have an attorney handling the bankruptcy, now is an excellent time to hire one who is local to you.

Good luck.

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.