In most mortgage notes, there is what is known an "acceleration clause." When just title is transferred without notifying and approving by the lender, lender may demand immediately whole balance of the note or the loan.
I would suggest to seek legal advise from a real estate attorney.
Since this person filled for bankrupcy - you must consult an attorney.
It may not be all that bad. Since you making payments on time most it should not be foreclosed. However due to a limited amout of information you've provided it will be unprofessional to advice you for certain. You need to check his bankrupcy filing, what chapter? Is this property included? How much total dept, etc...
By far the best way is to call an attorney.
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IF you are making the mortgage payments as you say, and are current, that means the lender is getting their money ..and they won't do anything ---cause they are getting mtg payments on time ....................the BK will not affect anything with losing that property as the mtg it is a secured lien to which a BK only handles unsecured liens and will not affect a secured lien........................
that is the basics. From what you say AS LONG AS YOU ARE MAKING THE PAYMENTS AND THE HOME IS NOT GOING TO FORECLOSURE ...the lender wont take action on the property...........that is what i know about it.
if you have other information i don't know, then let me know and i will do my best to answer....................
( I have a paralegal on my team who knows his stuff )))
email or call me
818 912 1102
Even though the other person filed BK, it does not mean that they will loose the house...especially if your paying on time...and the deed is in your name. When you file BK, you put everything you own on the table and under the scrutiny of the trustee of the court. They may or may not make him sell the house if there is any equity to pay off debt. There is no way to really know what will happen until the trustee reviews the BK and makes their decision.
Do you have an agreement with the this person? Your paying on the loan and it is current? When was the property deeded over to you?
Consult with an attorney ASAP!!!
Under normal circumstance, a house loan is secured by the house itself. In other words, if the person who borrowed the money does not pay...the bank takes the house back.
Please check your deed to make sure the home is in your name and not in the name of the borrower.
Since you have been paying the mortgage all along, and can prove this with bank statements,there might be a way to obtain a new loan, or change the existing one, but you should contact a good attorney so that you are protected and getting the best advice.
Good Luck! If decide to sell call Madelaine Kolisnyk 310.869.1712
I will give you a free market evaluation on your home is needed!!!