Posted on: 13th Jul, 2009 06:52 pm
I bought my home while I was single but later my ex moved in with me & we got an equity loan. The credit union made it a joint loan. Both names was supposed to be on the mortgage but mine was ommited however both names are on the Deed. My Ex moved out again but insisted I give him 1/2 of the equity. I had a lawyer draw up papers showing I gave him $10,000 and he signed it saying it was his portion of the house. Now he is planning on filing CH 7 bankruptcy. Sine he is the only one on the mortgage can I lose my home.?
Hi wayleecothren!
Welcome to forums!
If your ex includes the property in the bankruptcy filing, then there is a chance that you would lose the property. The property would be sold off and you would get your portion of the property. However, as you've mentioned that you've paid him his share of the property, you may be able to save the house. You can consult an attorney and he would be the best person to help you in this issue.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your ex includes the property in the bankruptcy filing, then there is a chance that you would lose the property. The property would be sold off and you would get your portion of the property. However, as you've mentioned that you've paid him his share of the property, you may be able to save the house. You can consult an attorney and he would be the best person to help you in this issue.
Feel free to ask if you've further queries.
Sussane
and in all this, you would obviously need to continue making payments on that mortgage.
Hi wayleecothren,
Assumption might be a choice for you. Call your mortgage lender to ask for assumption department. They will tell you the details.
Once you assume the loan, your ex name will be removed and your name will be added and you will have the same interest rate.
Thanks.
Assumption might be a choice for you. Call your mortgage lender to ask for assumption department. They will tell you the details.
Once you assume the loan, your ex name will be removed and your name will be added and you will have the same interest rate.
Thanks.