What can be done if a a co-owner had filed for bankruptcy and now a mortgagee is foreclosing on the other co-owners?
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What can be done if a a co-owner had filed for bankruptcy and now a mortgagee is foreclosing on the other co-owners?
My parents are senior citizens and have been trying to get a home modification because their mortgage was to high. They are unable to pay the mortgage. The thing is that my dad had me on his deed/title to the home. However, no one ever told us that if I was on the deed/title that it meant I was also part of the mortgage. Now, the bank has filed “MFR” to evict my parents, because I have filed Chapter 7. What can I do? It is not fair that my parents are to be evicted since I am the one who filed bankruptcy. I do not even live with them; I have my own home with my husband and children. Is not their fault my husband and I filed for Chappter 7.
Asked on November 10, 2010 under Real Estate Law, Illinois
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I really think that you need to get a lawyer from your area involved in this right away to protect the interests of your parents. What you are saying does not sound correct in that you can be on the deed or title to a home and NOT be on the mortgage. You may be on the deed as an estate planning issue. The bank may be foreclosing on the mortgage for completely other reasons and not because of your bankruptcy, although that is technically an asset in your bankruptcy estate and you need to deal with that too. This is all way too complicated for advice here. Get help now. Good luck.
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