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Question

My brother has decided not to pay for a townhouse in Oregon which he has a $300,000 mortgage on. He has stocks, equities, offshore investments and property in Brazil totaling $1 million. Point being - he has the resources to continue paying his mortgage, but is CHOOSING to walk away from the property. He will not be paying his property taxes either. His name is the only name on the deed and mortgage. Can his creditors and/or the IRS seize my or my parents' real property and financial assets in the future? I am concerned that his fraud and tax evasion could result in his lenders or the IRS coming after us.

Submitted: 17 days and 3 hours ago.
Category: Legal
Value: $38
Status: CLOSED

Accepted Answer

Good afternoon,

I'm sorry to hear of your dilemma.

Given that your brother is the only one obligated on the mortgage, and the only owner listed on the deed, his walking away from the debt will in no way affect either your or your parents' assets.

The lender, and the IRS for that matter, can only go after the person who is obligated on the loan or for income taxes.

You and your parents are safe.

I wish you well.

Thank you very much for having allowed me to assist you. It would be greatly appreciated if you would click the green Accept icon so that I can receive credit for having assisted you.

Best regards,

Doug

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Expert: LawTalk
Pos. Feedback: 99.1 %
Accepts: 
Answered: 11/5/2009

Attorney

I am a practicing attorney with more than 25 years of experience in the legal field.

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