foreclosure and bankruptcy
i am co-owner of a house that has been foreclosed. On advise of a friend, I am trying to repay what’s owing the house so we can keep it. My co-owner doesnt want to do that, he prefers to leave it be and declare bankruptcy. will this affect me if I want to redeem the house on my own. do I try to redeem the house before he declares bankruptcy.
Be careful – what you want to do isn’t as straightforward as you might think.
First, make arrangements with your co-owner to buy their share of the house from them – otherwise they will still own half the house.
Next, work out a deal with the mortgage company – it’s not likely they will agree to drop your co-owner’s name from the mortgage unless you have a new co-signer (with better credit) to replace them.
Good luck sorting things out.