elika Posted September 30, 2011 Report Share Posted September 30, 2011 hi.i own about 50.000$ in credit cars and old credit card judgments in nj .I am planning to declare bankruptcy next summer. Now i find a house in pa and i like to buy it. It cost 30000$.my friend going to give me the money to buy it cash and he is going to hold the morgage.if i declare bankruptcy can i loose the house or they have to pay my friend first; thanks Link to comment Share on other sites More sharing options...
WhoCares1000 Posted September 30, 2011 Report Share Posted September 30, 2011 If your friend files the mortgage paperwork properly, they the loan will be secured by the home and secured loans have a higher priority in BK.You have to declare the loan in your filing but you can reaffirm it with a reaffirmation agreement between you and your friend. However, there will be some court guidance on that.Another option could be to declare BK now, take the 3 months to get through it, then buy the home if it is still available. That will be quite a bit cleaner. Link to comment Share on other sites More sharing options...
elika Posted October 2, 2011 Author Report Share Posted October 2, 2011 thanks Link to comment Share on other sites More sharing options...
Recommended Posts