Chap 13
Date: Sat, 07/21/2012 - 15:55
My father has a government postal pension and is 70 years old, he is about to start receiving SSecurity. He is 40K in credit card debt and is renting a house (my brother owns) in RI. Dad has a Maine camp that I want to take over the mortgage for. I am eligible to take over the mortgage for the Maine camp worth 200K. The mortgage is 167K. Will the Bankruptcy trustees go after the Maine Camp if I take over the mortgage (no sale or capital gain for my father) at 167K? or will they seek the equity to repay his debt? I have been paying the mortgage since last Aug. Thanks, Tom
There may be a problem with him "giving" you the property since
There may be a problem with him "giving" you the property since there is equity. He needs to talk to an attorney.
