I, unfortunately, have filed ch7 and included - among several other things - a home mortgage (didn't exempt the house) I co-signed for with my sister/brother in-law. I have no interest in the home, but they haven't paid the loan on time (years) and my credit has suffered EXTREME damage (in addition to the damage I caused myself). Question: will this ch 7 remove this mortgage as an obligation I am responsible for? Anyone else had this experience? Any input appreciated.
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Assuming you do not reaffirm the mortgage, then your responsibility for it would be discharged.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision. -
Thanks
Thanks for your reply. No I did not reaffirm the mortgage - I want nothing to do with the home.... It just stinks that I feel somewhat 'guilty' b/c now I have no idea what will happen to their home. To be sure, I have let them know that if this situation didn't get turned around I would go ahead with the BK as my only alternative (heck I don't/can't even get a mortgage for a home for myself!)
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As long as they keep up with the mortgage payments, they should be fine. I wouldn't worry about it though.... it's their responsibility.Comment
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I agree-you did them a favor by helping them get the home. Its not up to you to make sure they keep it.
Originally posted by LostinMiMost of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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I'm not certain but I believe since the morgtage is in your name as a co-signer and you included it in your discharge, THEY NOW will have to make arrangements with the mortgage company or bank to make all the payments in order to keep it. They may have to reaffirm the note with the mortgage company themselves or risk it going to foreclosure....
Not your problem now = THEIRS.....
Think twice before you co-sign a mortgage for someone else...... even family.
Just my thoughts,
MinnyMinny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.Comment
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The sister & brother in law won't need to reaffirm, if they haven't filed BK. They'll just have to keep payments as usual-if they end up in foreclosure the creditor can't come after the cosignor as his obligation was discharged.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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Thank you all
Just wanted to thank you all for your input/replies. This fourm is absolutely great. IComment
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