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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My sister and her husband divorced in 1979, and bought a house

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My sister and her husband divorced in 1979, and bought a house together in 1991 but never remarried. In 2007 they went their separate ways and the husband remarried. The ex husband co-signed so that his son could buy a house. My sister and her ex's joint house is now vacant & for sale/rent. The son has gone on to become a doctor, bought a new house and wants to sell the house for which his father co-signed. Today, my sister and their son finds out that the father owes creditors $300+ thousand dollars and can't sell the house because his dad co-signed and owes big bucks to creditors. Since my sister and he have been divorced since 1979, they each had their own bank accounts and the left hand never knew what the right hand was doing. If they sell their joint house, will she get her half of the sale or do the ex husband's creditors get all of the money to help satisfy his debt? Will their son be able to sell the house for which his father co-signed? What if my sister's ex-husband files for bankruptcy, will they still be able to sell or rent the house they once owned together and will my sister get her half?

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

If the home is in both names,

WALLSTREETESQ :

and the property is sold, he would pay his proceeds to the creditors, but if the creditors, did not lien the home, or place any type od security or mortgage on the property,

WALLSTREETESQ :

he will not be forced to pay them at the closing,

WALLSTREETESQ :

She would be able to collect her proceeds, as long as his creditors have no lien on the property

WALLSTREETESQ :

If he files bankruptcy, and the house is half his, his half would be sold to satisfy his debts,

WALLSTREETESQ :

she has a legal right to her half of the property

WALLSTREETESQ :

Who ever is on the deed of the property can sell the property,

WALLSTREETESQ :

if they will not allow a sale unless he clears his judgments, than your sister can force a sale through the civil court, in what is called a partition action, where she would be entitled to her half of the property, and he would have to sell the home by Court order to pay her

Customer:

I don't know if any lien has been placed against the house. If a lien has been placed on the property, would my sister still have a legal right to her half of the property? What about my nephew's house? If his dad's name is XXXXX XXXXX deed with his, can he still sell his house

WALLSTREETESQ :

if their is a lien, the lien would have to be paid first,

WALLSTREETESQ :

if their is no lien she can force a sale through court,

WALLSTREETESQ :

and be paid her half

WALLSTREETESQ :

In terms of the nephew, if his father is on the deed, he can still sell the home, however at closing the fathers debts may be an issue, but that can be arranged with the title closer,

WALLSTREETESQ :

he is entitled to his half also through a forced sale in court as well,

Customer:

Thank you. I am sure that both my sister and her son will seek legal counsel. I was just seeking some answers for her. How do I go about canceling this account? I will pay the $23 dollars that I agreed to, but you have satisfied my questions

WALLSTREETESQ :

Once you accept you will be able to cancel our service if you wish,

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

Customer:

Thank you. You have been very helpful.

WALLSTREETESQ :

good luck,

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