Legal Question in Real Estate Law in Minnesota
My Wife and I own a rental apartment building with my mother and father in law. They have filed Bankruptcy Can we take there names of the propety. We are now getting hassel form the morgage company because of this.
Asked on 8/01/09, 2:09 pm
1 Answer from Attorneys
Dustin Bower
Bower Law Office
Unfortunately, I do not believe you can take their name off the property. They have an interest in the real estate, which means the bankruptcy court now has an interest in the real estate. Depending on what chapter of bankruptcy they filed, you may be looking at a situation where the bankruptcy trustee tries to have the land sold to extract the equity out of it, if your mother and father-in-law were not able to exempt their partial ownership of the property.
Answered on 8/08/09, 6:08 pm