my mother who is still marrried to my father(who has very bad credit), my father is planning to declare bankrupsy after the purchase of the home. i just want to know will this effect my mother and brother in any way? and will they take the home away from them?
2007-10-22 08:57:02 · 4 answers · asked by gurlygurl 1 in Business & Finance ➔ Renting & Real Estate
But depending on state laws, he might have to sign the deed of trust/mortgage and the right to cancel. Your mother should ask the title company or her lawyer how to avoid having him sign.
2007-10-22 09:20:24 · answer #1 · answered by Debdeb 7 · 0⤊ 0⤋
No. As long as the home is in the name of your mother and brother, your father's bankruptcy will not affect ownership.
2007-10-22 09:01:54 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
She should ask a lawyer, in some states even if one spouse is not on a deed to a property it is still considered owned by both. This is something she MUST look into before moving forward.
2007-10-22 13:28:34 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
As long as you're dad's name isn't on the title for the house, then his bankruptcy cannot affect its ownership.
2007-10-22 09:06:02 · answer #4 · answered by hinata_sam 3 · 0⤊ 0⤋