Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
I have a mortgage that is in Nevada on joint custody. I have 3 partners, none of was married to anyone. The two other partners have declared bankruptcy. The trustee for one of them is trying to sell the house and did not notify me until after they have a short sale appoved through a judge and they want me to sign off for possibly a couple 1k. I'm into the home for much!!! More!! What are my rights? Shouldn't they have notified me of the listing before making a sales agreement?
Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
Unfortunately, the bankruptcy trustee can liquidate assets. The issue isn't how much you have into it, but what each share of the value is. You can be the purchaser if you want to keep the assets, and can make an offer to the trustee. Otherwise, the property can be sold and the proceeds divided between the owners.
You are entitled to your current share of any equity. You can fight it on your own dime, and would need to get appraisals to show the value. You won't be able to stop the sale, but you can do what you can to make sure they are getting the most value. Or you can approach it the other way, and get an appraisal and offer less to buy out the debtor's interest. The trustee may entertain cash settlement, to minimize costs
You should have received notice, yes, since you'll have to sign off on the deal.
Let me know if you have any questions. thanks
Is there any way that I can buy it? I know if I was short selling it, NO. But the trustee is shortselling it? It's going for less than half it's value. If not, can I bring in a different buyer if he/she pays more, shouldn't the trustee be liable to provide the most funds especially since I was not notified...
You would be buying out the trustee, for the value that the debtor's share is worth after deducting mortgages, and any exemption
You can call the trustee to see what a buyout offer would be
You can provide a buyer to the trustee as well, if there hasn't been any other offers, sure
If you can provide greater value, the trustee would likely take your offer (or your buyer's)
I have to run to court, if you have any other questions, ask them and I'll respond when back from court. thanks
Did you have any further questions?
If not, please click accept to close out the question
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).