Posted on: 10th Aug, 2010 05:21 pm
A friend co signer for me a mortgage for a investmen property a year ago.now he is filing for bankcruptcy(charter 7 i guess).
i been making the payment on time.and keep the property renter.
how my friend bankcruptcy can affect my investmen?
i been making the payment on time.and keep the property renter.
how my friend bankcruptcy can affect my investmen?
Hi estebanmp,
If your friend's name is on the property deed, then he will have to list it as his asset in his bankruptcy filing. You can ask him not to include the mortgage of the property in his bankruptcy and try to refinance the loan in your name. Once his bankruptcy is discharged, you can ask him to sign a quit claim deed and transfer the property to you.
Thanks
If your friend's name is on the property deed, then he will have to list it as his asset in his bankruptcy filing. You can ask him not to include the mortgage of the property in his bankruptcy and try to refinance the loan in your name. Once his bankruptcy is discharged, you can ask him to sign a quit claim deed and transfer the property to you.
Thanks