Legal Question in Real Estate Law in California

If you are not on the loan, then no, the loan modification and the bankruptcy should not affect your credit. The bankruptcy, however, could affect your ownership interest. If the transfer of a proportional interest in the property was made to you less than two years prior to the filing of the bankruptcy, a bankruptcy court trustee could move to set-aside that transfer, and eliminate your ownership interest. The property could also be subject to liquidation by a bankruptcy trustee. If your parents filed a Chapter 13 bankruptcy, it could have a very different impact on your ownership rights. You need to get more information about when your parents filed bankruptcy, what chapter and is the case still pending. Then, you need to consult with a local bankruptcy attorney to determine if you will be adversely impacted.

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