November 11th, 2009 by Questions

My husbands sister and husband are co owners of our house so therefore four of us are on the mortgage and deed. We paid 200 thousand with a 40 thousand down one year ago. Will we lose the house or will they be responsable to pay the mortgage. We would like to keep the house ourself if possible.

Posted from: Ontario


One Response to “House”

, A licensed trustee said:

Whether or not the house will be affected depends on the amount of equity in your home. There are articles on this site and on the web that will show you how to determine how much equity is in your home. With multiple owners you simply multiply the amount of equity by each owner’s share of the house (probably 25% each) and that tells you how much you may have to pay to your creditors in a abnakruptcy in order to keep the house.

It can get a little confusin. I suggest you use the links to contact a trustee in your area and they can explain the process in much greater detail and help you with the math.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)