Legal Question in Real Estate Law in Colorado
My brother and I filed a quit claim to place our names on our deceased fathers property. My brother is out of work and has to make a choice of letting his own mortgage go back to the bank or maybe file for bankruptcy. On either case is there a chance for our joint property to be lost in his fight for his mortgage?
1 Answer from Attorneys
One question was if the property was properly transferred. If you father had passed away before you quit claimed it, you should have gone through probate to transfer it. If you do own it, a lender could go after his share of the property in a bankruptcy and possible force the sale of the property, but it's also possible they would just get a lien for now. You might want a lawyer to spend an hour to look at the deed, etc. just to make sure you are protected. I hope this helps.
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