October 13th, 2009 by Questions
My mother unfortunately has became a victim of a scam called a straw buyer. Her English is not that good and got suckered into signing under 2 houses that have now both stopped paying their mortgage.
Obviously she has no choice but to declare bankruptcy, correct? The houses together are valued at about 750 thousand dollars through the bank but are in such bad condition that I know for a fact they wouldn`t get 500 thousand.
Will bankruptcy just clear my mother of owing anything, and give her bad credit for 7 years? Or will she still be held accountable for that 250 thousand difference.
Will they take anything that is under her name to try to make the difference? What if she has nothing in her name?
Thanks for your time,
Posted from: Alberta