Legal Question in Bankruptcy in California

Almost 3 years ago I cosigned a equity line of credit for my mother, cause she had no credit. She owns a house outright, so she had a lot of equity in the home. We got the line of credit through Bank of America, and I had a mortgage on my condo from BofA. I got a divorce, and my house lost 60 percent equity. After the divorce my wife took the business, and I assumed all of the debt. I could not keep up the mortgage payments, and my house was sold in foreclosure. I am now filing chapter 13 bankrupcty, i have a 2nd mortgage that is seeking payment from me. I know it is a unsecure debt now, and I owe Bof A $100,000 from 1st mortgage difference. I noticed that when i cosigned for my mothers loan, they put me on her title. I told them I did not want to be put on her title, but they said it is a limited title. I am only on the title to sell the home, in case my mother defaults. I saw a Short form deed of trust in the paperwork, it gives me power to sale. Can my debtors try to take my mothers home, as payment from me.

Asked on 12/20/09, 12:00 pm

OCEAN BEACH ASSOCIATES OCEAN BEACH ASSOCIATES

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I would need to review the co-signor agreement and the deed. Contact me directly.

Answered on 12/30/09, 3:25 pm

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