Question about joint home
Date: Mon, 03/09/2009 - 21:12
I co-own a mobile home and land in Fla that is homesteaded in my name. The property is jointly owned with my mother as joint tenancy w full rights to survivorship.
She was the original fully qualified mortgage holder then after a few years added my name to the deed and I did a simple assumption to have my name added to the mortgage.
In 2006 My mother filed BK and the mortgage was discharged in her bk. I'm debating whether BK is an option for me. I would reaffirm the debt on the mobile/land and not include it in BK. There shouldn't be a problem with reaffirmation as I am currently partially disabled with limited income from self employment and the mortgage is a reasonable $150 a month FMha loan.
Does anyone know how this situation would effect BK or my ability to continue with the mortgage payments to Countrywide?
Do you think they would reject reaffirmation at creditor level? Can the mortgage holder reject a reaffirmation and foreclose?
I don't want to lose the house.
Thanks
She was the original fully qualified mortgage holder then after a few years added my name to the deed and I did a simple assumption to have my name added to the mortgage.
In 2006 My mother filed BK and the mortgage was discharged in her bk. I'm debating whether BK is an option for me. I would reaffirm the debt on the mobile/land and not include it in BK. There shouldn't be a problem with reaffirmation as I am currently partially disabled with limited income from self employment and the mortgage is a reasonable $150 a month FMha loan.
Does anyone know how this situation would effect BK or my ability to continue with the mortgage payments to Countrywide?
Do you think they would reject reaffirmation at creditor level? Can the mortgage holder reject a reaffirmation and foreclose?
I don't want to lose the house.
Thanks
Hi lizco326, That sounds like a specific question you should
Hi lizco326,
That sounds like a specific question you should ask a Bankruptcy attorney. I personally don't think it would be a problem.
In Florida, you can claim a "homestead exemption" and keep the property you live on, as long as it???s not larger than 1/2 acre inside a city or 160 connected acres elsewhere. Florida has very liberal exemption policies. You should be able to keep the home.
chrys
