I own two houses one of which is almost paid off,
If I file bankruptcy chapter 7, in N.Y. will they take the other house.
Its worth 200,000.00 has a 35,000.00 mortgage left on it. I owe this home with my parents. My name is on the deed together with my mom and dad. The home is in P.A. I live in N.Y. I have my own home in N.Y. but owe more money on this home then its worth so I'm safe and would
be able to keep this home. My worry is the home that I am on in P.A. I'm also on the mortgage as a co signed because my parents were unable to get this home on there own.
So If I file a chapter 7 in N.Y. will they take the house in P.a. or place a lien on it.Will the exemption laws that are applied to the property protect the equity? what is the exemption laws in NY Also this second house is my parents. I never paid a penny towards it only co signed the loan for them because they had bad credit.My name was placed on the deed because at the closing I was on the loan.my dad and mom are also on the deed.does that mean the equity would be silt 3 ways.I had also read somewhere the state of pa is different then NY law.I'm collecting NYS employment for six months live in ny have my owe house mortgage which i owe 198,000.00 on with a second mortgage of 89,000.00.The house is worth 325,000.00.My wife is not on the deed or mortgage but is a co signer on the 2nd mortgage.The house in PA is worth 200,000.00 35,000.00 owed on the note.Thank you for any advice
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