I am in a very tough situation. I have a real estate investment partner who cosigned with me on 3 different properties with 50/50 shared ownership. The market went down, so we split the properties up, and now we have homes that are 20% underwater with $300 negative cash flow per month! He has two and I have one because he invested more $ down. Within the last year I have lost my job, burned through my 401k and now I have a job making 1/3 as much $! (Very grateful for the job BTW) Anyway... I am now preparing to file Chapter 7. So what I understand is... there is no way the trustee will allow me to keep my investment property? I feel very bad about having my friend and business partner having to assume the mortgage after my BK. Even though investment wise the best thing to do is let the property go. Any thoughts would be greatly appreciated. Thanks
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I think you need to get with your friend and explain what you are planning to do. It might be unpleasant, and you might lose him as a friend, but in my opinion, you being honest and upfront with him before you file, would be far more courteous and honorable, than having him find out when the 'Suggestion of Bankruptcy' arrives in the mail.
Best wishes~~~"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."
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