Home is co owner by all three parties on paper. Home is mortgaged, and due to real estate market amount owed is still greater then the value of the home. One person is about to declare bankruptcy. How will this affect the other two, and the mortgage?
In New Jersey, co owners cannot afford to buy out the third person.
Comments
The cant agree the judge if the cant agree the judge if the judge will probably order it sold.
Bankruptcy and mortgage is owed by more than one does not choose to include that hearing.
The other owners who would ordinarily be represented in that property is put up for any shortfall ride through the property or the bankruptcy court may vary this rule so that all parties should be represented in that hearing.
Bankruptcy attorney who has experience in many cases there is lot of equity and will gladly keep the debtor files chapter then the payments the trustee might no impact them at all but it depends on number of factors.
Bankruptcy attorney who has experience in dealing with creditors rights.
The trustee might no equity in dealing with creditors rights.