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The courts don't go after anything. The bankruptcy trustee will go after any non-exempt property, as is his duty. If you own half the house, you only own half the equity. The next question is whether you and your father have filed homestead declarations, or if you both can. You need to talk to a lawyer in your state.
What else can I help you with?
Can a house with a second home mortgage become a primary residence?
Yes. The designation as primary residence is irrelevant to the number of mortgages.
You and your ex-husband own a home together. He is the primary and you co-signed the mortgage. You are current on the mortgage and he is filing bankruptcy. How are you affected?
You need to have your situation reviewed by an attorney who can review all the details and who is knowledgeable in the areas of real estate law and bankruptcy.
What happens when the second home is placed in bankruptcy by mistake and is not your primary residence?
what happens when you file bankruptcy and your second home you own as an investment is placed in the bankruptcy by mistake the house getsfor closed on and sold but no title search is done to see that there are actually two mortgages on the house who is responsible for the second mortgage
Is a primary borrower's mortgage or credit affected when the co signer on a loan declares bankruptcy?
no
Can a bankruptcy be filed on a reverse mortgage loan?
Yes, a reverse mortgage does not have credit requirements. you can use one to pay your way out of a bankruptcy, or one right after a bankruptcy. However, the bankruptcy court does have to approve the reverse mortgage if you are in the process of doing one or still paying on one.
Can you file bankruptcy if you own your home?
In principle, yes, but it depends on the equity in your home and how much of it you can exempt, as well as the non-exempt equity in all other assets and how much debt, income and expenses you have.
Can you keep a vacation home in bankruptcy?
Many states have passed laws that protect the primary residence only. You need to consult with an attorney who specializes in bankruptcy.
Can you deduct points on a mortgage when filing your taxes?
Yes, you can deduct points paid on a mortgage when filing your taxes, as long as the points were used to obtain the mortgage on your primary residence.
Can a second mortgage be crammed down in a Chapter 13 bankruptcy proceeding if the mortgaged property is in a revocable trust and the mortgagor is technically the trust itself?
No, because the property would be considered to be property of the trustor and not the "trust itself". Moreover, while in certain situations a 2nd mortgage can be stripped (in a process caleed lien-stripping), there is no cramdown on primary residence real property. While a cram-down on non-primary residence real property is POSSIBLE, it is IMPRACTICAL.
What happens to a home mortgage if the co-signer does not file bankruptcy but has credit problems?
It will have no affect on the mortgage as long as the lending terms are met by the primary borrower.
If your house is paid for will you lose it if you claim bankruptcy?
yes another answer: you can't lose your primary residence; also - homestead it.
If you do a reverse mortgage CAN you rent out your home?
No, you must keep the home as your primary residence, renting out the home is a violation of the mortgage agreement and could result in the mortgage note being called due.
