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Second question

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by clearnfree, May 17, 2012.

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  1. clearnfree

    clearnfree Law Topic Starter New Member

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    My ex and I split a few years ago. Since then we have a condo that we equally share the first. Now, he took out a second which I signed off on and he is responsible for (in his name). Em I responsible for the second if we were to sell and say he he would not want to pay the second? There is no equity in the home at this time, but wanting to know my rights to the first. Can I own the first, go to court and make him reponsible to own the second? Not sure if I made sense. I am looking at worst case scenario here.
     
  2. Latigo

    Latigo New Member

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    I bear sad news. You did not. Your post doesn't even approach making sense!
    Try putting your keyboard in the dryer with a handfull of marbles and see how that works.
     
    Last edited: May 17, 2012
  3. clearnfree

    clearnfree Law Topic Starter New Member

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    Brutal, but well deserved. Re-word. We own a condo together. We are both on title, he took out a second (loan) a few years ago and that second is in his name not mine. I would like to be done with owning the condo and owning and purcahsing my own. But because he ows so much on that second. I would like to assume the first loan, but want him to assume the second, can a judge make him responsible for paying that second? But if the ex does not want to be responsible for paying what is owed on that second that he paid, can the first loan and second be added together and the judge make us both reponsible in paying both loans? Sorry!
     
  4. army judge

    army judge Super Moderator

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    The second is YOUR problem, too.

    As I understand your post, he obtained a second.

    You and he are BOTH on the first.

    If he defaults the second, that lender will place a line on the home.

    That lien won't force the home to be sold, but when it is sold, the second will get theirs out of the purchase price.

    Try this:

    The home has a $100 mortgage. You both are signatories on that debt.

    He got a 2nd for $30.

    If the home sells for $130, the 2nd lender gets his $30.

    You and the dummy split the remaining $100, hopefully.

    If the home sold for $100, the 2nd lender gets their $30, and you're left with $70 to split.

    If the 1st lender still was owed $60, then you walk away with $10, or $5 each!
     
  5. clearnfree

    clearnfree Law Topic Starter New Member

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    Army Judge,

    I appreciate your expertise on this and thank you much for it.

    Worst case scenario (if he does not want to take responsiblity for his debt), if there is no equity, I could force a sell, I could be stuck with part of his second.

    What about if he agrees to take on the second, and have him quit claim the first. Would he ever have rights to the first? I understand that he could stop paying the second and the bank would put a lean on my home, I can take over payments (for his second) I guess. But trying to settle with out going to court as that would be more costly, which I have no problem doing. I just want to own on and be done with him all together.
     
  6. army judge

    army judge Super Moderator

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    If you have little (or no) equity, how would a forced sale benefit you?

    You seem to want to keep the home, is that right?

    To do that, it might be best to buy him out.

    How could you do that?

    You could obtain a loan to pay off his second.

    How much equity is in the home (not that equity matters today)?

    How much does he owe on the second?

    What do you KNOW (not what you assume or speculate) about how he obtained the second?

    What do you want to eventually do about all of this (just spell it out)?
     

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