Question: My son and I own a house
he lives in. He is responsible for the first mortgage on
this property. I took out a second mortgage on this
property and at a later point filed
Chapter 7
bankruptcy, which discharged me from the second
mortgage on the property. My son is trying to file
Chapter 13
bankruptcy. Although my son did not sign any
documents on the second mortgage, his
attorney
is suggesting that my son’s ability to file
bankruptcy might be affected by this mortgage as its
bank could
foreclose on the property. Therefore, my son is
being advised to get current on the second mortgage and
continue making monthly payments on it. This is
something he cannot afford at this time.
Response: It’s a little unclear why
your son would be responsible for the second mortgage to
begin with if he did not sign the note. If you are the
only one on the note, and your liability was already
discharged, then it doesn’t affect your son. If you both
signed the note and your liability is discharged but he
remained liable, then it’s a different story. For
Chapter 13
bankruptcy purposes, he would have to make a payment
plan to repay his debts but the equity in the home would
also come into the picture. He may be able to get away
with more if there is little or no equity. Otherwise, it
is true, he may face difficulties in filing
Chapter 13
bankruptcy.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.
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