Posted on: 22nd Feb, 2011 09:29 pm
I have a friend whose is in financial crisis.
Her boyfriends brougth the house in 2005 only in his name. His 1st mortgage for $685,000.00 just approved the loan modification and he can afford to pay. But he also have a 2nd mortgage with his girl friend's name on it and owed about $130,000.00 and late payments for about 90 days. and also have a few credit card owed jointly with his girlfriend. What should he do in this case...? Is filing bankrutcy benefits for both and keep the home ? Can bankrutcy get ride of the 2nd and the credit cards? Please advise..thanks
Her boyfriends brougth the house in 2005 only in his name. His 1st mortgage for $685,000.00 just approved the loan modification and he can afford to pay. But he also have a 2nd mortgage with his girl friend's name on it and owed about $130,000.00 and late payments for about 90 days. and also have a few credit card owed jointly with his girlfriend. What should he do in this case...? Is filing bankrutcy benefits for both and keep the home ? Can bankrutcy get ride of the 2nd and the credit cards? Please advise..thanks
Hi chrslytp!
Welcome to forums!
Bankruptcy filing can be a good option in this case. Your friend will be able to save the property and get rid of the credit card debts if he files bankruptcy. Your friend should contact a bankruptcy attorney and discuss his case with him/her and he/she will guide him regarding which Chapter of bankruptcy he should file.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Bankruptcy filing can be a good option in this case. Your friend will be able to save the property and get rid of the credit card debts if he files bankruptcy. Your friend should contact a bankruptcy attorney and discuss his case with him/her and he/she will guide him regarding which Chapter of bankruptcy he should file.
Feel free to ask if you've further queries.
Sussane