QUESTION
Does he need to get a bankruptcy attorney, or one who specializes in real estate law if my son-in-law has a mortgage that his mother cosigned on?
Asked on Aug 26th, 2015 on Bankruptcy - Ohio
More details to this question:
His mother left the premises and never paid on it. Now she has filed for bankruptcy and the bankruptcy trustee wants to either file to sell the house or have him pay the mother $5000. There is no equity in the house at this time, and my son-in-law has always been prompt with the mortgage payments. The mother is on the deed with him, however.
2 ANSWERS
Your question is missing a lot of crucial facts, such as whether Mom is the only one on the title or not and what the property is now worth. When you do not know what to do, have a personal face to face meeting with either a bankruptcy attorney or a real estate attorney. The bankruptcy attorney is more likely to have a pre existing professional relationship with the trustee while the real estate attorney will know the property values.
Answered on Sep 01st, 2015 at 5:03 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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He needs to speak with a bankruptcy attorney. I can see no reason why the trustee would care if he pays the co signer.
Answered on Sep 01st, 2015 at 10:32 AM