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Originally Posted by ScottGem

Oh? I stand corrected. Should have realized that the promissiory note is against the property, not the signator's share of the property. ...

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The note is secured by the mortgage. The mortgage is against all the property. But you, now you get the idea.

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Originally Posted by ScottGem

... So what does a co-owner do? Lets assume a co-owner who actually purchased a share of the property. How do they protect that investment?

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Make sure the loan remains current. Protect yourself by picking a financially reliable co-owner. It's possible, of course, to have a contract between the co-owners, but an unsecured promise is... unsecured. :)

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Originally Posted by AK lawyer

The note is secured by the mortgage. the mortgage is against all the property. But ya, now you get the idea.



Make sure the loan remains current. Protect yourself by picking a financially reliable co-owner. It's possible, of course, to have a contract between the co-owners, but an unsecured promise is ... unsecured. :)

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A woman in a controlled abusive relationsip will do things that we don't understand. Please do not judge her and give me helpful suggestions to help get her out of this mess. She knows now that she has made some bad decisions that she will have to live with, but she really needs help at this point to get him out.

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Originally Posted by Cottons21

A woman in a controlled abusive relationsip will do things that we don't understand. Please do not judge her and give me helpful suggestions to help get her out of this mess. She knows now that she has made some bad decisions that she will have to live with, but she really needs help at this point to get him out.

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Read my post # 11, infra. And get a lawyer. Getting an attorney is the only hope, really.

The only possibility, short of hiring an attorney, is to sell the house. Prior to the closing, obtain an injunction freezing his share of the sale. At the closing, when the buyer write him a check for his share, she grabs the check, shows the court ordered injunction and holds onto the check until a court hearing. Hopefully the court rules in favor of her and allows her to keeps some or all of his share of the proceeds.

There are a few options.

(1) If the house will sell for at least the amount of the mortgage then she should sell the house. If she gets more than the amount of the mortgage then she has the choice of splitting the balance with the ex or having the balance placed in escrow and suing the ex for his share. If he refuses to sign a deed then she can file a lawsuit for partition.

(2) If the house will not sell for enough to cover the mortgage then she can:

(a) request permission from the lender for a short sale and file a lawsuit for partition against the ex if he refuses to sign a deed; or

(b) if her credit is already destroyed she should declare bankruptcy and walk away from the house. She should make sure that she lists the ex as a creditor and then he can't file a lawsuit against her after the lender forecloses.