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Posted by Debby on June 20, 2002 at 19:00:03:
My husband and I live in Oregon and have just begun Chpt. 7 proceedings. We have no equity in the house we live in so it will be exempt--no other assets either. However, we have another house that has been an off and on rental for the past three years and has been on the market for 1 1/2 years w/o an offer. We owe 67000 on the first and are current. We owe 23000 on the second and haven't paid since October 2001. My brother in law co signed the first. The second is held in only mine and my husbands name. We had hoped for a short sale before the bankruptcy finishes but arent optimistic. We have heard through the realtor that the second was contemplating foreclosure. What is the most likely scenario? The county assesses the house's value at 79000. How will our foreclosure affect my brother in law if we continue to make the payments and never miss one or be late? (haven't yet). He doesn't want the house. We have an attorney but would still like some more infor however speculative. Thanks
