Posted on: 23rd Feb, 2009 12:56 am
i am 65 and got retierd 3 months ago. i have $220,000 line of credit on my house which i borrowed to...help my son. he no longer can make the payments and i am not able to pay either but only $200 a month. but the loan is almost $700 a month.
can i file chapter 13 bankruptcy and be able to keep my home.
can i file chapter 13 bankruptcy and be able to keep my home.
going for bankruptcy can be one of the good options if on the deed your son's name is not there.If you file for bankruptcy and on the deed your son's name is also there then it will badly affect his credit score.
So if & if only your son is not part of the deal then you can go for this option. :wink:
So if & if only your son is not part of the deal then you can go for this option. :wink:
Hi frank,
You can file a Chapter 13 bankruptcy and keep the property but you will have to make regular payments according to the new repayment plan given to you by the lender. If you do not make the payments, the lender will have the right to foreclose the property immediately.
You can also speak to the lender about a loan modification once you are past due on your payments. This will also help you in saving the property.
Take Care.
You can file a Chapter 13 bankruptcy and keep the property but you will have to make regular payments according to the new repayment plan given to you by the lender. If you do not make the payments, the lender will have the right to foreclose the property immediately.
You can also speak to the lender about a loan modification once you are past due on your payments. This will also help you in saving the property.
Take Care.