QUESTION
Can I file Chapter 7 or 13 for a house I build in the name of a male friend if my name is not on deed or note but I have lived in it?
Asked on Jul 23rd, 2015 on Bankruptcy - Colorado
More details to this question:
I had no green card, social security number and credit history. I had series of beauty supply stores and a millionaire boyfriend who also supported me. With the help of a male friend who had credit, using his name, I build a three family house in 2005 for $540,000 with 20% down payment. I have lived in the property paying a related bills till now. In 2012, my friend traveled to Africa and all efforts to reach him proved abortive. I was involved in an accident and had a hip replacement which left me bed ridden. The house is now being foreclosed for $900,000. I now know I paid too much for the house. I need help and have where to go. It would be foreclosed on 08/04/15.
3 ANSWERS
You are not able to protect property from foreclosure unless you are on the title to the property as an owner. Whose name is on the financing is more or less unimportant. Not sure if or how bankruptcy could provide you with any meaningful help in this situation, but more details could clarify. Suggest you meet with a bankruptcy attorney in person.
Answered on Jul 30th, 2015 at 6:41 PM
You can not file to save the house or just stop the foreclosure without your name being on the title. There is too much to cover here. Contact a very experienced BK lawyer and meet face to face. The meeting will take at least an hour or a bit more. You will have to pay for the consultation, if the lawyer is worth his or her salt. Time is of the essence, so act quickly!
Answered on Jul 29th, 2015 at 2:47 PM
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First things first: Retain an experienced bankruptcy lawyer in your area and do it quickly. While you mention a foreclosure date in just a few weeks, it is not clear whether you are referring to a hearing on granting judgment, a sheriff sale, or the final event, which is a judicial confirmation of sale. So I cannot tell just how much time you have until your rights in the property or actually I suppose your friend's rights in the house come to an end. Your situation is ticklish, but a skilled lawyer may find some equitable argument which could postpone matters until you can make the rather complicated legal arrangements to try to sell the house.
Answered on Jul 29th, 2015 at 2:47 PM