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dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5156
Experience:  37 plus years of experience specializing in bankruptcy law
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We filed Chapter 7 bankruptcy in Maryland. Part of the bankruptcy

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We filed Chapter 7 bankruptcy in Maryland. Part of the bankruptcy estate is a house that I own with my mother that we had been trying to sell. The trustee has taken over the contract with the realtor. The mortgage is current. The realtor has refused several lowball offers that were not enough for the land value. Now that the trustee has taken over the sales contract, another lowball offer has been received and is being evaluated by the trustee. What are my mother's rights as non-bankrupt the co-owner? Also, does the mortgage holding bank get paids in full with the sales proceeds?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 5 years ago.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. Being a co owner does not help your mom. At best,whatever the offer is, the best you mom can do is offer to purchase the property for more tha has been offered. Otherwise, the property will be sold though your mom will receive from the trustee any equity after the bank is paid off. Likewise, if the offer is less than what is owed to the bank, the bank still gets the proceeds first which will probably leave nothing for anyone sorry for your mom. Note, she may want to tak to an attorney to make sure her rights are being protected.

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