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T O P I C R E V I E W
jo.mm
Posted - 13 May 2010 : 13:15:32 mum and dad split up last year. they have a joint mortgage. Dads been living with me rent free as he has no job since he lost his business. he signed the house over to mum on the deeds via solicitors 6 months ago. mum is now sole name on the deeds and as owner. she has a mortgage for the property which does have equity in it. Dad feels after 6 months of looking for a job to no avail and me supporting him and paying his debt payment plans his only option now is to go bankrupt. He has 45K unsecured personal debt. Mum is worried that if he goes bankrupt she will still lose the house as the dreditors may chase it despite the house no longer legally belonging to my dad. Is mum right to worry or is her house safe?
3 L A T E S T R E P L I E S (Newest First)
Housing
Posted - 13 May 2010 : 16:48:33 Hi
Best advice - go to the left hand of the page and link to one of the experts that have contact details.
Set the scene first and then you can look at what may be best.
Richard
"There are no problems - only solutions"
Richard P
Posted - 13 May 2010 : 13:52:25 Hi Jo
i think RHB is correct sorry. however the actual answer may depends on the circumstances surrounding the sale and hand over of property.
This type of Bankruptcy will, unless properly planned have a negative effect on those around the your dad.
Jo Can I suggest making contact with one of the experts (listing to the left) to make certain that all the ducks are in the right order.
I have used Paul and His team at reviva and found them very helpful
regards Richard
RHB
Posted - 13 May 2010 : 13:37:55 I think it could be overturned & half of the equity would be owed if he went BR. How long has he been out of work & why did he come off the deeds?
