QUESTION
Will my brother and I lose our joint property if he files bankruptcy or allows the bank to take back his own mortgage?
Asked on Jul 17th, 2013 on Residential Real Estate - Colorado
More details to this question:
My brother and I jointly own some property. In his struggle to find work he may have to file bankruptcy on his own home/property (across the street from our jointly owned lot) or let the bank take it back. In either case will there be a chance that we may lose the jointly owned property?
1 ANSWER
3 Awards
Your jointly owned property may be in danger of foreclosure if it is mortgaged and during the bankruptcy you nor your brother make payments on the mortgage. However, it the property is not mortgaged it is unlikely that it will be brought into the bankruptcy as an asset to pay the other debts.
Good Luck
Answered on Jul 18th, 2013 at 3:50 PM
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