Posted on: 03rd Mar, 2011 01:23 pm
My mother in law is the only one on the note/loan to our home. Myself,my wife (her daughter)and mother in law are all on the deed to the home. She is looking to file bankruptcy. We don't have the credit score to purchase the home outright. If she files, is there any way to assume the loan or have transfered in our name ?
Hi Guest!
Welcome to forums!
It will be difficult for you to transfer the property in your name once your mother-in-law files bankruptcy. The bankruptcy trustee will sell off the property in order to pay off the creditors of your mother-in-law. The others whose names are mentioned on the property deed will get a share of the money.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be difficult for you to transfer the property in your name once your mother-in-law files bankruptcy. The bankruptcy trustee will sell off the property in order to pay off the creditors of your mother-in-law. The others whose names are mentioned on the property deed will get a share of the money.
Feel free to ask if you've further queries.
Sussane