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How will my mother filing bankruptcy affect my credit when we have a co-ownerhip on a house going into foreclosure in MD?
Anonymous1 views2 answers
We we recently told by a modification company that we could pay them $8600. in order to lower our mortgage payments. The case was closed not giving us that option anymore. We are now facing foreclusure and my mother is considering bankruptcy for herself. My name is on the loan with her. What can I do? If she files bankruptcy will that take my name off the loan and away from all legal obligations of the house?
Your mother filing bankruptcy won't affect your credit, but it also won't affect your liability on the note/loan. If you want to try to keep the home or avoid future creditor problems, a bankruptcy attorney could go over the options available to both of you.
NOTE: The response given does not form an attorney-client relationship and it is provided solely as the opinion of the author. It is for informational purposes only under the terms and conditions. If a legal opinion or representation is desired, please seek independent legal counsel.
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Tom Gimer, Esq. -- licensed in DC and MD -- 202.556.4LAW (4529)
http://gimerlaw.com
Robert Sergio BrandtBankruptcy AttorneyAlexandria, VAVA licensed ·
If both you and your mother are on the loan then you are each legally responsible for the loan. If you are months behind on your mortgage then most likely this has already been reported to the credit bureaus-that goes for you and your mother. Your mom filing for bankruptcy will do nothing to protect you from the bank coming after you in the long term. So no, her filing will not take your name off the loan and will not remove your legal obligation on the mortgage.
-Robert
