December 30th, 2009
Can i lose my home if my boyfriend is made bankrupt when me, him and my brother own it?
My boyfriend bought a car 4 years ago which basically broke after 3 months so he handed it back to the car company – now they are chasing him again and want to make him bankrupt to get the money back – we bought a house 3 months ago with me, him and my brother on the mortgage and now the car company are threatening to bankrupt him as its seen as an assett – i believe there is no or very little equity in the property as its only 3 months weve been living here – what can we do – do me and my brother buy his share of the property to stop them taking the house – can they even take a house or is this scare tactics??
Please help! need some good advice and quick!!
He did offer to pay them back £50 a month but they refused it so its not as if hes not willing to pay -!?
We are paying mortgage on time – its not about the mortgage repayments – its about a debt owed on a car from 4 years ago….. the Car company want to bankrupt him and sell our house to recover the £4000 they want back.
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Filed under: Buy Property
The mortgage are paid you will not lose his share in it though.
The mortgage are paid you will not lose it though.
If payment is kept on time, your okay…..
Also, if your boyfriend is not paying, just you and your brother…that means you brother would lose the share of the house or mortgage….hes out of luck
I don’t know what country you are in; however, in the US the car company could take your boyfriend to court, garnish his wages and place a lien on any property he owns (even if he is not the sole owner) to get their money back. I suggest getting his name off the loan and buying him out, therefore, they can not put a lien on your property.
It is a scare tactic, but one that could be a real nightmare.
Try mailing the company a certified letter (that way you have proof) offering the $50 per month, in case he has to go to court, he can show he’s trying to make an effort to repay the debt. Usually in the US small claims court, you will be given the option to sign a stipulation- basically it is an agreement stating how much you will pay and what day of the month it will be paid- if you default the company can go straight to wage garnishment, liens etc… So if they take your boyfriend to court have him inquire about that option.
Good luck!