Stockton, CA
I was awarded in Sept 2007 three commerical bldgs as part of a divorce settlement. I am not on the mortgage loan for these bldgs but am on the deed as 25% owner. My exhusband owns 25% and his brother 50%. One of the bldgs is not currently rented creating a 'shortage' every month of which I am expected to pay $250-350 of the $1000-1200. Part of the income stmt includes a monthly mortgage pymt of $2600. My question is am I liable to pay this monthly shortgage? I cannot afford it as I am barely making my own mortgage home pymt (which is 50% of my take home income) and other home expenses. I also know that come December I will be asked to pay 25% of the property tax on the bldg which is about $2500 (the other property tax will be in April for same amount). Please help.
I was awarded in Sept 2007 three commerical bldgs as part of a divorce settlement. I am not on the mortgage loan for these bldgs but am on the deed as 25% owner. My exhusband owns 25% and his brother 50%. One of the bldgs is not currently rented creating a 'shortage' every month of which I am expected to pay $250-350 of the $1000-1200. Part of the income stmt includes a monthly mortgage pymt of $2600. My question is am I liable to pay this monthly shortgage? I cannot afford it as I am barely making my own mortgage home pymt (which is 50% of my take home income) and other home expenses. I also know that come December I will be asked to pay 25% of the property tax on the bldg which is about $2500 (the other property tax will be in April for same amount). Please help.
