Posted on: 01st Jul, 2010 09:18 pm
my uncle got a mortage for our new home. The mortgage is under his name only. Ever since the first payments, my dad has paid for it. We have checks that prove that he had made payments. We have copy of hte checks and everything. The problems comes here my uncle is filing bankrupcy and he has another house under his name that he is paying. This house would taken from him. What can we do to not affect us. My dad cant have a mortgage under his name becasue he doesnt have a lot of credit.
Hi emtz
"This house would taken from him. What can we do to not affect us."
If he(your uncle) is filing for bankruptcy surely it will have an impact on all those properties where your uncle is on mortgage.So although your credit score will not affect due to his BK but you might have to forgo your current home.
keep in touch...........
:arrow: :arrow: :arrow:
"This house would taken from him. What can we do to not affect us."
If he(your uncle) is filing for bankruptcy surely it will have an impact on all those properties where your uncle is on mortgage.So although your credit score will not affect due to his BK but you might have to forgo your current home.
keep in touch...........
:arrow: :arrow: :arrow:
Hi omtz!
Welcome to forums!
I must say that you're in a tough situation. As your uncle's name is on the mortgage, I'm sure his name is mentioned in the property deed as well. Thus, he is the owner of the property and will have to list it in the bankruptcy filing. If he transfers the property to you now, it can be considered as fraudulent. It would be better if you and your uncle could contact a bankruptcy attorney and get his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I must say that you're in a tough situation. As your uncle's name is on the mortgage, I'm sure his name is mentioned in the property deed as well. Thus, he is the owner of the property and will have to list it in the bankruptcy filing. If he transfers the property to you now, it can be considered as fraudulent. It would be better if you and your uncle could contact a bankruptcy attorney and get his opinion in this regard.
Feel free to ask if you've further queries.
Sussane