Sub 2 And Bankruptcy, A Few Questions...
Im selling my house subject to the existing loan since November. Im thinking about going bankrupt on an unrelated loan. Will this affect anything with the sub 2?
I learned that when a person goes bankrupt, they have to list all their loans, so would that mean since i dont pay on the mortgage that i wouldnt have to list it then right?
does anyone know the answer to this question? Please respond..
blueboy7882.
Glad to meet you.
You list all your assets and debts when you file bankruptcy.
Your property should be listed and failing to do so would be bankruptcy fraud no matter who is paying the loan. It would be up to the courts descretion whether the property was tranferred to hide assets from your creditors, if you received money for the transfer of title to the property you would list this amount also.
However, your bankruptcy attorney will advise you on what to do, but you must list all assets and debts.
John $Cash$ Locke
[addsig]
Hmm, Larry, not sure what that means.
[addsig]
Ray,
I was just having a little fun with you. I was referring to the sub to password protected website we both belong to and another "favorite phrase" to use while "faking it till you make it".
You have accomplished many great things and set the ground on fire in a short period of time and I commend you.
Larry
try - "real estate investor"