Posted on: 24th Jun, 2009 09:52 pm
I'M ON TITLE AND 1ST LOAN WITH MY BROTHER. 2ND LOAN IS UNDER HIM ONLY. NOW HE WANTS TO FILE FOR BK. I'D LIKE TO KEEP IT. WILL HIS BK WIPE OUT THE 2ND SINCE IT IS UNDER HIS NAME ONLY? HE HAS ANOTHER HOME THAT HE WANTS TO KEEP FOR HIMSELF. WHAT CAN I DO NOW? PLEASE ADVISE.
codythai
welcome to mortgagefit !!
Lot more depends on which chapter you are filling the BK .If your brother is filling under chapter 7 then he has to forgo the property but if file it under the chapter 13 then he can keep the property but need to pay the balance for coming 3-5 yrs time span.
keep in touch......
:arrow: :arrow: :arrow:
welcome to mortgagefit !!
Lot more depends on which chapter you are filling the BK .If your brother is filling under chapter 7 then he has to forgo the property but if file it under the chapter 13 then he can keep the property but need to pay the balance for coming 3-5 yrs time span.
keep in touch......
:arrow: :arrow: :arrow:
thanks for the quick response. i think he will file for chapter 7. But i want to keep this home, he also grant deeded his interest to my husband about a year ago but it has yet to record. i believe if he files, the 2nd will be wipe out as our home is up side down. please advice.
:arrow: The initiative taken for the concern is very serious and need an attention of every one. This is the concern which exists in the society and needs to be eliminated from the society as soon as possible.
--------------
Sean Cruz
Estate Planning
--------------
Sean Cruz
Estate Planning
Sean please clarify your statement,
Hi Cody,
Your query has been discussed on the following page:
http://www.mortgagefit.com/bankruptcy/coborrower-keephome.html#103572 .
Your query has been discussed on the following page:
http://www.mortgagefit.com/bankruptcy/coborrower-keephome.html#103572 .