I am paying off a mortgage with my ex fiance and he is now threatening to go bankrupt. How will this affect me?
My ex and I bought the house 3 years ago, and have been equally paying it off, after he cheated last december and we split.
I tried to get the house, but the bank said I couldnt do it alone (even tho, I can make the payments) If he goes bankrupt, does the house get automatically transferred to my name, or do I lose the house? or do I get the opportunity to get the house? I am freaking out, coz I dont want to lose my house.
I am renting it out at the moment for half the cost of the mortgage.
Any serious help and advice is sooo appreciated.
Thank you
Did you buy the house together under a formal partnership agreement since you weren’t married? If so, the contract should lay out how to buy him out.
If you did not have a formal contract you may be able to work a deal with the bank to take over his payments if he bk’s. You need to talk to a lender and/or real estate attorney immediately to protect your interest in the house.
If he bk’s and is not cooperative, you could lose your investment in the house and get evicted. But if you are proactive a good attorney can probably protect you. Do NOT wait to find out what he is going to do. Protect yourself.
September 7th, 2010 at 3:34 pm