Posted on: 06th Dec, 2010 07:21 pm
my in-laws cosigned the mortgage and filed a quit claim deed several years ago. they have now bought a house in their names. my husband and i are filing bankruptcy and not reaffirming on the property. we plan to let the investor foreclose on the house. how would this affect them. please help as we were served with papers and they have too. :(
Hi Clara!
Welcome to forums!
As your in-laws are not filing bankruptcy jointly with you, it will not affect them. However, as you won't reaffirm the mortgage, the lender will come after them to recover the balance dues resulting from the foreclosure of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your in-laws are not filing bankruptcy jointly with you, it will not affect them. However, as you won't reaffirm the mortgage, the lender will come after them to recover the balance dues resulting from the foreclosure of the property.
Feel free to ask if you've further queries.
Sussane