My office is closing due to the owner's bad business deals. My company actually owes me nearly 20k, that I haven't received. Because of this, my home is in foreclosure and I want to prevent the sale. If my father and/or I declare bankruptcy, can we keep both homes? I can earn enough to pay it back within 6 months, but the bank obviously won't wait that long (the way it is).
My credit isn't good enough to qualify on my own to buy it right now, but I can fix that with time.
BTW, my dad is on the title of both homes. He is not late on his payments, so his property should be fine. Can we save this 2nd home?
2007-08-03 11:10:37 · 7 answers · asked by madjazz 2 in Business & Finance ➔ Personal Finance
Depending on the state. In some places they can't take away your primary home even if you file for bankruptcy. I doubt any state will go as far as protecting the 2nd home.
If he has good relationship with his bank, I would suggest he talk with them first before making drastic decisions.
Best wishes.
2007-08-03 17:20:43 · answer #1 · answered by JQT 6 · 0⤊ 0⤋
Depending on the state you are in, you may not lose your house in a bankruptcy, but you should ask your dad, if he'd refinance the property in his name. If he won't, a bankruptcy looks just as bad as a foreclosure, but the bankruptcy will clear all of your debt either in a clean sweep Chapter 7 or a Chapter 13 debt restructure.
2007-08-04 08:33:43 · answer #2 · answered by The Smart One 4 · 0⤊ 0⤋
Unfortonatly with Bankruptcy if you do not bring the house current before discharge then when you reaffirm (tell the bank you plan on living in the house and paying for it) they continue the forclosure process.
The bank may suprise you...you need to have your dad call the bank...before begining forclosure they are required to offer you home owner counseling and offer you options...so call them and check out this website:
http://www.hud.gov/foreclosure/index.cfm
2007-08-03 18:25:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can't get out of the mortgage and keep the house the mortgage is on. I highly recommend putting the house up for sale and offering any offers to the bank as settlement on the mortgage. If you are actually bankrupt, they may accept a reduced payoff to save the hassle of actually foreclosing. This is technically called a 'short sale'.
2007-08-03 19:42:56 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
i am confused -- lets see you say your dad owns both homes (his name is on the titles) and he is not late with his payments -- so far what seems to be the no problem, if you can talk your day into taking a loan out on one of the homes just enough to cover your shortfall until you ship comes in six months from now you two should be ok.
good luck.
2007-08-09 08:49:56 · answer #5 · answered by mister ed 7 · 0⤊ 0⤋
They are both your father's properties so why do you have to file BK or face foreclosure??
2007-08-03 18:15:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I have news for you ,your dad could loose both homes since his name is on the deed on both homes . I would get my dad to do something quick or he will loose both propertys . Please try to do something to help. good luck .
2007-08-03 18:15:52 · answer #7 · answered by Kate T. 7 · 0⤊ 0⤋