What happens when one of two owners of a property files bankrupt?
My friend and I have a condo. The loan is in her name and both of our names are on the title. She has filed bankrupt CH 7 and included the mortgage. What happens in this case when my name is not on the mortgage but it is on title?
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You want to contact the mortgage holder right away and see if they will substitute your name for hers. There may be a small fee attached to this but it shouldn’t be over 1%. Of course, if your credit is not up to their standard, your goose is cooked unless you can get financing some other way and pay them off.
If you have a substantial equity and want to hold onto this property, you really should hire an attorney.
Thats easy… You just lost your rights to that condo…