I own a home with my step-father. The mortgage is titled in his and my names. The deed is titled in my step-father, mothers, mine and my husbands name.
My step-father wants to file for Chapter 7 in Maryland. I have good credit and don't want this to affect my credit or my ownership of the home.
His lawyer told him that he most likely will be able to exempt the home. I don't think that is right. I think I need to see my own attorney to protect my interests. I think I will have to file paperwork protesting the bankruptcy.
I believe he may be able to reaffirm on the mortgage debt, but I am concerned that this will hurt my credit. The mortgage is paid to date. I used to transfer money to his account and our mortgage was paid via automatic draft, but he messed up and had NSF. I took over and opened a joint account with my name on top and his second and the mortgage gets paid out of that account and I monitor it. I had to pay two months of mortgage in advance last year to get his mistakes corrected.
I am angry that his financial irresponsibility could harm me crecit wise or even threaten the home we all live in together.
What could happen? Could we lose our home? His debt is about $50,000. I think he should file a quit claim deed and enter into a rental agreement with me. However, his name will still be on the mortgage then so I am not sure.
Jointly owned home, I'm not filing for Chapter 7
Posted - 22 September 2007 : 20:44:13
