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What a Mess! |
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My parents put their home in my brothers name about 4 years ago with my parents still remaining in the house. My brother who lives in another state then proceeded to take out a large mortgage on the house and spent the money. Now he is on the verge of bankruptcy and wants to put my parents name back on the deed to save it from the bankruptcy so my parents won't lose their home. Can they be on the deed and not be responsible for the mortgage and can this house really be kept out of the bankrupcy? |
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Your poor folks have more problems than I can solve for them. I'm not sure anything can be done, but of course they should be consulting their own lawyer. One who specializes in bankruptcy might be the right person to explain if anything can be done (which I doubt.)
Even if they could become owners of the house again, they'd have to bring the mortgage up to date or face eventual foreclosure of the mortgage lien, which would remain on the house whether they'd signed it or not.
I don't usually publish letters when I don't have any advice to offer, but I'm keeping this one in as a warning that putting parents' home in kid's names can be really disasterous. |
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Originally published on January 29, 2008 |
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