Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
Yes. A mortgage says that the loan is secured by the property. A "chapter 13" does not allow you to stop making payments on your mortgage.
You need to refer to your specific loan documents, but typically the morgage company can not accelerate your loan unless you default on the payments.
You would continue making payments to the estate. Eventually, they will give you instructions on what must be done as far as finding another mortgage company or person to get a loan from.
YES, you can include it whether the payments are current or not.
I assume you notified the mortgage company that the daughter is making the monthly mortgage payments on behalf of the mother. If that is the case, the daughter really isn't benefitting from making these payments from the credit agencies, proving mortgage history, and establishing credit on her own. Essentially, the mother would have to refinance the loan to get the daughter on the mortgage with her in order for the daughter to benefit. Even a quit claim deed would only add the daughter to the title, and the mother would ultimately be responsible for the monthly mortgage payments. I hope this information helps. Regards, Total Mortgage Services
If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.
The mortgage payments must be made or the lender will foreclose the mortgage.
Contact your mortgage company about doing a "short sale".
The same thing that would happen in any city in the US; the mortgage company will begin a foreclosure action to take ownership of the property.