Posted on: 12th Jul, 2009 01:41 pm
my friend has a house and a condo. both mortgages are in foreclosure, and she is soon to lose the tenant in the condo and is deep in credit card debt. she has no job due to health issues, but is not eligible for disability. her father, who is in his 90s and cannot walk alone, is living in her house with her and she is caring for him. he owns a condo (which is titled in his name, her name, and her brother's name) and is due to inherit 75% of another condo when his sister's estate settles. there is a tenant in his sister's condo, but she doesn't think she wants to buy it. houses and condos in our area are not selling well at all. my friend needs to know her best option between declaring chapter 7 bankruptcy before or after the foreclosures are final. also, her father's condo assoc has filed a foreclosure lien on his condo since she has missed 2 quarterly condo fee payments. if she and her father move to his condo and catch up on the condo fees (no mortgage on that condo), could she keep it as a primary residence in chapter 7? thanks for any suggestions.
Hi edits,
In my opinion, your friend should file Chapter 7 before the property is foreclosed upon by the lender. This will help your friend to stop the foreclosure proceedings as the court will issue an automatic stay on the creditors. As far as I know, in Chapter 7 bankruptcy, she will have to list all her assets including the one where only the condo fees are due. She can surrender all her properties except the condo and pay off the condo association fees in order to save it.
Thanks
In my opinion, your friend should file Chapter 7 before the property is foreclosed upon by the lender. This will help your friend to stop the foreclosure proceedings as the court will issue an automatic stay on the creditors. As far as I know, in Chapter 7 bankruptcy, she will have to list all her assets including the one where only the condo fees are due. She can surrender all her properties except the condo and pay off the condo association fees in order to save it.
Thanks
Thanks for the tip, jameshogg. I agree with your thinking.
You are welcome Guest!! :) In case, you've further queries regarding mortgage and related financial issues, post it in the forum. The members/experts participating here will try to help you.
Thanks
Thanks