1. Will I lose the land but still be liable for association fees and taxes?
A: You're liable for the association fees that have accrued prior to your loss of ownership by whatever means (bankruptcy, sale, foreclosure, etc.).
2. Can I sell the property or does the bankrupcy cloud the title and impose a lien?
A: You have the right to sell your interest. You cannot sell the other owner's interest, except to the bankruptcy trustee
. However, the trustee will be more interested in trying to get you to purchase the other owner's interest, so you could make a lowball offer, given that selling part of a tenancy in common is very difficult, and the trustee would have to hire a lawyer in order to get the bankruptcy court
to order your interest in the property sold. Lawyers cost money, and it could cost $10,000 to litigate the issue, which wouldn't be worth it, considering the property's value.
3. Should I "quite claim" my share over to my partner and walk away with nothing, but clear myself on any further obligations?
A: No. Quitclaim it to me! Seriously, you have some negotiating leverage here, so I think you may be in a better circumstance than you believe.
4. Is there any way I can sell the property or a better course of action?
A: See above.
Hope this helps.
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