What is the name of your state? CA
Hello. I hold a rental property in joint tenancy with my parents. We are all on the deed/title and are co-signers (equally liable) on the mortgage. Comped value stands at $140K and the balance of loan is at $107K. My parents have paid for 100% of the mortgage and received 100% of the rent since the purchase.
1) Can any helpful person please let me know how this will be valued in BK?
I've been getting different answers from people who have been in BK. Some have told me that I'm 50% in the equity and 100% liable for the loan so I actually have no equity. I've also been told that I'm 33% in the equity and 33% in the loan.
2) Can I quitclaim this to my parents? It's not "really" my house. It was just helping to build my credit (which I've screwed up on).
Please help!
T3
Hello. I hold a rental property in joint tenancy with my parents. We are all on the deed/title and are co-signers (equally liable) on the mortgage. Comped value stands at $140K and the balance of loan is at $107K. My parents have paid for 100% of the mortgage and received 100% of the rent since the purchase.
1) Can any helpful person please let me know how this will be valued in BK?
I've been getting different answers from people who have been in BK. Some have told me that I'm 50% in the equity and 100% liable for the loan so I actually have no equity. I've also been told that I'm 33% in the equity and 33% in the loan.
2) Can I quitclaim this to my parents? It's not "really" my house. It was just helping to build my credit (which I've screwed up on).
Please help!
T3