Posted on: 03rd Jun, 2009 06:49 am
I have a real big problem. I made a deal with another individual to purchase her mobile home. We are going through escrow and have been making my payments directly to the bank under her name. I have 5 months to pay off the loan. Here is my problem. She has now filed for bankruptcy. How does this affect me now and what should I do? Where do I start?
lisa,
welcoem to the forum.
what you need to do now is to ask for quit claim deed immediately and pay off her loan. one you have the quit claim deed please make sure to record it.
good luck and feel free to ask.
realgeni
-good credit is easy to achieve, as long as you use it responsibly.
welcoem to the forum.
what you need to do now is to ask for quit claim deed immediately and pay off her loan. one you have the quit claim deed please make sure to record it.
good luck and feel free to ask.
realgeni
-good credit is easy to achieve, as long as you use it responsibly.
hi lisa,
has she transferred the property to you? if the property is transferred to you, then i don't think her filing bankruptcy will effect you. however, if her name is still on the mortgage and if she had included the mortgage in bankruptcy, then there are chances that you may lose the property.
it would be better if you could speak to a bankruptcy attorney and get his opinion in this regard.
thanks
has she transferred the property to you? if the property is transferred to you, then i don't think her filing bankruptcy will effect you. however, if her name is still on the mortgage and if she had included the mortgage in bankruptcy, then there are chances that you may lose the property.
it would be better if you could speak to a bankruptcy attorney and get his opinion in this regard.
thanks