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Bankruptcy

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B

bebe1138

Guest
What is the name of your state? TN
I am filing for BK ch. 7 soon and I will reaffirm my mortgage. I do have a co borrower on the mortgage who has neither paid any money towards the mortgage nor lived at the residence for over 2 years now. This person is not a spouse or former lover, just a friend. We both used VA loans for this house too. Will I need this person for any proceedings related to my BK? Is there some way that this arrangement can cost me my house during a BK? Thank you so much.
 


HomeGuru

Senior Member
bebe1138 said:
What is the name of your state? TN
I am filing for BK ch. 7 soon and I will reaffirm my mortgage. I do have a co borrower on the mortgage who has neither paid any money towards the mortgage nor lived at the residence for over 2 years now. This person is not a spouse or former lover, just a friend. We both used VA loans for this house too.

**A: so you are saying that there are 2 VA loans on this one property? How did you arrange that?
************

Will I need this person for any proceedings related to my BK?

**A: no, but just hope that this person does not file for partition.
***********

Is there some way that this arrangement can cost me my house during a BK? Thank you so much.

**A: see above.
 
B

bebe1138

Guest
Yes, there are 2 VA loans on this mortgage. We just asked the loan officer if we could do it and she said it would be ok.
 

HomeGuru

Senior Member
bebe1138 said:
Yes, there are 2 VA loans on this mortgage. We just asked the loan officer if we could do it and she said it would be ok.
**A: please clarify. Is there really a VA first mortgage loan AND a VA second mortgage loan on the property? Or did both of you co-sign one VA loan?
 
B

bebe1138

Guest
We were told that neither one of us would be able to use our VA loan benefits until we sold the house. Even after my friend moved out she was told she would have to take her name off of the mortgage and I would have to re apply by myself if she wanted to get a house with her VA loan benefit.
 

HomeGuru

Senior Member
bebe1138 said:
We were told that neither one of us would be able to use our VA loan benefits until we sold the house. Even after my friend moved out she was told she would have to take her name off of the mortgage and I would have to re apply by myself if she wanted to get a house with her VA loan benefit.
**A: that does not answer my question.
 
B

bebe1138

Guest
It was explained to me that we each used our own VA loans on the mortgage.
 

HomeGuru

Senior Member
bebe1138 said:
It was explained to me that we each used our own VA loans on the mortgage.
**A: listen, I don't buy the "we were told, it was explained to me.." thirs party responses. Read your title report or your mortgage note(s) and get the true facts. Do not rely on what other people told you; take charge, investigate and seek the truth.
 

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