Have Legal Questions? Ask a Lawyer Now.
If you are referring to the mortgage that you both shared. They can come after you for the remainder if he has declared bankruptcy.
If you foreclosed on a piece of property that had a second mortgage on it. Then you assume the mortgage when you foreclose, and are liable to the mortgagor for that debt. If your partner that assumed the mortgage along with you defaults on his share. Then you are left holding the bag. The only way around something like this would be through incorporation laws where each partner is liable only for his own share of the debt. In this way if one person in the corporation goes belly up the rest of the group only has to pay their fair share.
I'm sorry but it looks like its is either pay the debt, or go to court and contest it.
As for them taking other properties you own to satisfy the debt. The only thing they can take is the property that was mortgaged.
If the property value will not satisfy the debt then they would have to take you to civil claims court. They would then have to prove that it was by your doing that the property was devalued beyond the amount of the debt.
In any case I highly recommend you get an attorney to help you in this matter. I'm sure that there are some fancy strings that can be pulled, and papers that can be filed on your behalf that will protect you, and your investments.
My appologies I was under the impression that you were the person that forclosed on the property.
As for the letters you are receiving are they from the people that actually forclosed on the property or from another agency?
These people are given the debt to collect in the hopes that you will pay it off. If the debt is no longer on your credit report I would not put much stock in the threats they make. They are full of nothing but hot air. If they harrasss you in any way you can report them to the loan commission, as well as many other official reporting agencies. They must abide by certain guide lines when trying to collect debts of this nature.
They are just fishing for people that actually fall for the claims they make. Legally they cant touch you, or your assetts.