Posted on: 23rd Mar, 2011 05:48 pm
My mother is declaring Chptr. 13 bankruptcy. Our house's title is in my name only but the mortgage is in her name. She doesn't qualify for Ch.7. How will this affect me and the home? Will I lose it?
Hi pookanuka!
Welcome to forums!
As the mortgage is in your mother's name she can include the mortgage in her bankruptcy filing. She will get a payment plan in order to pay it off. As you're not filing the bankruptcy jointly with her, it won't affect you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the mortgage is in your mother's name she can include the mortgage in her bankruptcy filing. She will get a payment plan in order to pay it off. As you're not filing the bankruptcy jointly with her, it won't affect you.
Feel free to ask if you've further queries.
Sussane
Pookanuka, actually your mother's Chap 13 bankruptcy may be the best thing to help you keep your home.
Assuming that the lender agrees to the terms. In this market no smart lender wants a house back. But lenders and smart are two words not often used together.
Have your mother consult with her BK attorney and the trustee to get the right answer for her financial situation.
Good luck!
Assuming that the lender agrees to the terms. In this market no smart lender wants a house back. But lenders and smart are two words not often used together.
Have your mother consult with her BK attorney and the trustee to get the right answer for her financial situation.
Good luck!
Thanks! Considering that we got the house for 40,000 and the pmnts are only $407.00, I doubt the lender would agree. I would assume that they can still make money on it. We're going to put her on title w/me and declare a homestead. Thoughts?
Welcome Guest,
I don't think there will be any problem if you could put her on the title and then apply for a homestead.
I don't think there will be any problem if you could put her on the title and then apply for a homestead.
There will not be any problem i think so as guest has said. Either contact an attorney and get his opinion.