We are four co-owners of a house. Two of the four co-owners are going to declare bankruptcy. For me, it would be difficult to manage the mortgage alone, since I now own another house. What are my options to avoid being forced to declare bankruptcy? Can I simply hand the house over to the bank? Note that the market value and the mortgage debt are practically identical, so there is no excess value.
If you hand the house over to the bank, your loan will be affected.
The best solution would be to sell by mutual agreement with the other co-owners or their management company, and pay off the loan in full.
The best solution would be to sell by mutual agreement with the other co-owners or their management company, and pay off the loan in full.
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