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I co-own a property with my husband and his brother- we are…

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I co-own a property with...
I co-own a property with my husband and his brother- we are vested as joint tenants in common. My husband and I are divorcing. My husband is living in the house. We have 3 mortgages, 2 of which were used to purchase the home and the third is a line of credit -- all with Bank of America (from the beginning, never refinanced). All together we owe just under $300,000. The house is likely worth between $200,000 to $225,000.

My husband has proposed that I cash them out my portion (1/3) of the negative equity and quit claim me off title. I don't have the money. I would also remain on the mortgages exposing myself to further liability if there were to default. We have no written partnership agreements. My husband and I completed ch 7 BK in Feb of 2010. Is there any legal basis for them to come after me for the negative equity? What are our options / potential choices? Thanks.
Submitted: 6 years ago.Category: Real Estate Law
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Answered in 3 minutes by:
9/1/2011
Real Estate Lawyer: Richard, Lawyer replied 6 years ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,897
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Good morning. Since you completed bankruptcy, you have no personal liability for any deficiency for these loans. Thus, you have no incentive to paying them anything with regard to the negative equity because you have no personal liability...nor does your husband. So, you can give up your interest in the property as part of your divorce settlement, but since neither of you have any liability for any deficiency, you should under no circumstances pay either of them anything.

 

 

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Customer reply replied 6 years ago

These mortgages were listed as liabilities in our BK, but have remained current and never with a late payment-- the 3rd owner was not part of the BK- are you saying that because we'd filed BK, that they cannot come after us if we were to do a short sale? Wouldn't they be able to go after the brother as he was not part of the
BK? What about foreclosure? Is there any basis for either of them (my husband or his brother) to require me to pay my share of negative equity if they intend to keep the property?

Real Estate Lawyer: Richard, Lawyer replied 6 years ago

Yes, because these were included in your bankruptcy, their lien remains valid against the property, but in the event of a foreclosure or shortsale, they cannot pursue you or your husband for any deficiency. They could pursue the brother. They cannot force you to pay your share of any negative equity.

Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,897
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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