Posted on: 31st Oct, 2009 08:54 am
Hi,
my mom is co-signer on my home, and I am about to file for a chapter 7. I have owned it for 6 years and have never been late on any payments, and want to keep my home. I also want to make sure my mom is protected. How can I do that? Will the bank (Wells Fargo) force her to pay it off in full or forclose on her, or will they allow me to continue to make my payments, and reafirm my debt with them?
Thank you
my mom is co-signer on my home, and I am about to file for a chapter 7. I have owned it for 6 years and have never been late on any payments, and want to keep my home. I also want to make sure my mom is protected. How can I do that? Will the bank (Wells Fargo) force her to pay it off in full or forclose on her, or will they allow me to continue to make my payments, and reafirm my debt with them?
Thank you
As long as you're current on payments, Wells Fargo is happy and neither you nor your Mother are impacted negatively. Since your home is involved, and so is your Mother and potentially her credit, don't do the chapter 7 pro-bono. Hire an experienced Bankruptcy Attorney and follow her guidance. It'll be some of the best money you've ever spent.
Thank you so much. I have an initial meeting with a bankruptcy attorney this coming week. I was always responsible about my debt, and hate the idea of filing for bankruptcy, but due to a devastating medical emergency that put me in the intensive care. I have medical bills that I just can't pay and still be able to make my other financial responisbilities. I did not have insurance at the time and the hospital is not willing to work with me and has in fact sent the bill to a collection attorney who has just filed a lawsuit against me. So it seems that this is my only option now. I just don't want to do anything that could harm my mother.
