bankruptcy

[lilliepad]

What is the name of your state (only U.S. law)? arkansas If one party files bankruptcy that is a buyer of property on a loan of three people will the other two buyers be responsible if it is discharged? Can the bank come after any parties involved with loan even though they didnt file bankruptcy too?

 

[Proserpina]

What is the name of your state (only U.S. law)? arkansas If one party files bankruptcy that is a buyer of property on a loan of three people will the other two buyers be responsible if it is discharged? Can the bank come after any parties involved with loan even though they didnt file bankruptcy too?

Yes.

In fact it's virtually guaranteed.

 

[LdiJ]

Yes.

In fact it's virtually guaranteed.

Assuming that all three of them are on the mortgage.

 

[Zigner]

This is the OP who is paying for the house and the co-owners are not. I've mentioned a written agreement several times trying to elicit some sort of information on what the parties agreed to pay.


<tap tap> Can anyone hear me?

 

[latigo]

What is the name of your state (only U.S. law)? arkansas If one party files bankruptcy that is a buyer of property on a loan of three people will the other two buyers be responsible if it is discharged? Can the bank come after any parties involved with loan even though they didnt file bankruptcy too?

I am curious as to why you now indicate that there are three “buyers” of the property when in a prior post you stated that you merely assisted your daughter and her husband’s ability to buy the property by personally guaranteeing the purchase money mortgage?

Whatever, your obligation to the lender will not be affected by the daughter and husband’s bankruptcy proceedings, but it may have some advantage to you depending on how the mortgage is treated by the Trustee and mortgage holder.

I strongly suggest that you confer with an experienced bankruptcy lawyer.

Good luck

 

[lilliepad]

This is the OP who is paying for the house and the co-owners are not. I've mentioned a written agreement several times trying to elicit some sort of information on what the parties agreed to pay.


<tap tap> Can anyone hear me?

we do not have a written agreement other than the loan with the bank and the loan is in all three of our names with an "and" between each one therefore not allowing any 3 of us from doing anything without the other ones approval...