Co-owner of the house and the other person claiming bankruptcy. Will I be liable?

UPDATED: Jul 6, 2009

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Co-owner of the house and the other person claiming bankruptcy. Will I be liable?

My ex and I refinanced the house and split up 3 years ago. Since then he took out a 2nd mortgage that I was unaware of. And now he is claiming bankruptcy. Will everything come back to me now?

Asked on July 6, 2009 under Real Estate Law, Minnesota


J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

I am a lawyer in CT and practice in this area of the law.  As long as the bank gets paid each month then your credit wont be afftect.  However, the 2nd mortgage company is going to want to take the house back if he fails to pay the 2nd mortgage.  The first mortgage bank is not going to let that happen, so it is going to file a foreclosure or at the very least will be in line in front of the 2nd mortgage bank.  If the house gets foreclosed on your credit will likely be affected.  However, if you are not on the 2nd morgtgage (only your ex), then you are not liable for this debt after he declares BK.  You should not be on the 2nd mortgage becasue you did not sign for it.

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