Home that was not reaffirmed, what can be done?

[hat]

What is the name of your state? FL

My son filed BK and discharged in 2003. He had to file because he lived with my dad and they split everything and had mortgaged the home and his name was 1/2 owner on it. Dad passed away and son didn't make enough money to continue paying for everything, thus BK. The home was in both names and the BK papers show my son as co-owner. He has gotten married and has 2 children and really having a hard time making ends meet and the home is in such need of repair it should be condemed. He needs to move from where he lives because one of the kids starts school next year and they need to be in a better county (this is a stepson but he considers him his own). The question is can he let the house go into foreclosure and not be responsible for any of the debt since he was a co-owner and daddy is not alive. Also, is it hard to rent a home if you have filed foreclosure? One more question: do any of you know anything about these programs that say they will buy your home today, are they okay or should he stay away from them. Thanks for your time.

 

[ihatearizona]

If the home was not reaffirmed in the BK then your son would NOT be responsible for any charges should he choose to let them foreclose.

As for renting, foreclosure might indeed make it difficult to rent a property. I would suggest that he find a property with a private owner as they are much more likely to work with you than a property management co.

 

[Ladynred]

Are you SURE there was no reaffirmation ?? FL doesn't allow you to keep secured property w/o reaffirming or redeeming.

 

[JETX]

If the home was not reaffirmed in the BK then your son would NOT be responsible for any charges should he choose to let them foreclose.

Curious.... how did you come to that answer without knowing the following CRITICAL information:
1) Was this a chapter 7 or 13??
2) Was the mortgage listed on the creditor matrix??

And though not critical to this issue.... How did he get, if he did, ownership??? Was the property JTWROS?? Was there a will??

 

[hat]

FL

No, they didn't reaffirm. I am in FL also and we didn't reaffirm our home and we have just finished executing a deed in lieu with our mortgage company. The only thing my husband and I reaffirmed was a truck and the Sears MasterCard which I wish I had not. We are letting our home go back. Our attorney told us we didn't have to reaffirm any secured property unless we chose to and the mortgage company never sent anything either.

 

[hat]

I see another post there that I don't know what the letters mean but my son acquired the home by deed with right of survorship with my dad after my mom passed away in 1997. Daddy has 4 grandkids and my son lived with and took care of them but when mom died daddy didn't want any hard feelings about giving the home to my son (there was no mortgage on it at that time), so daddy did a joint ownership and then they took a mortgage on the home so that my son would actually have to pay for the home and it would not just be a gift. This was the only thing that daddy felt he could do and not hurt the other grandkids and my sister and I could not tell him anything different. It was a mistake but one he felt he had to do. The BK was Chapter 7. Please know that my son wants to do everything he can to keep the house but it is in such need of repair that he will have to spend money to fix it up to sell and he just doesn't have the money to do that with and I don't have it to help him.