My question involves bankruptcy in the state of: Virginia
The co-owner and co-borrower on both the 1st and 2nd mortgage moved out of the property September, 2011. She has not made any payments or contributed to any payments since March 2011.
When I tried to take her to court to try and recover half of the mortgage payments, she filed bankruptcy the night befdore the hearing date. Her name is on the deed as well as both morgages. I have always had very good credit but I was advised to stop making mortgage payments in October. The house has been listed for sale for over 1 year. The house is upside down about $30,000.
Previous to the other owner filing bankruptcy, I had contacted both mortgage companies in an effort to modify my mortgages and gain some kind of relief. Although, I had excellent credit, my debt to income ratio was too high.
She will not sign the deed turning the property over to me.
This is a new experience for me and I don't know what to expect. So far, just in two months my credit rating has dropped dramatically.
I would appreciate any useful feedback. Thank You