Legal Question in Real Estate Law in California

Hello,

I hold title to a free and clear small office building as joint tenants with my mother. Unfortunately right now my home which is solely in my name might go to foreclosure within a few months along with some credit cards. My mothers house which is solely in her name is a few month's behind along with a 2nd mortgage so we might have to put her in BK 13 in case the lender's 1st & 2nd doesn't want to modify. Can the creditors seek a judgement or lien against the property that is held as joint tenants even though those loans were not applied for jointly? If not how do you recommend protecting our small office building (Asset)?

Thanks

Marty M


Asked on 9/30/09, 5:55 pm

1 Answer from Attorneys
Robert Mccoy Law Office Of Robert McCoy

If your mom files Chapter 13 bankruptcy, then a stay will be put in place while the Chapter 13 is active. However, should the Chapter 13 be dismissed before discharge, then her creditors may go after her jointly held property. Likewise, your creditors may go after your jointly held property. Looks like you may need to file a Chapter 13 as well.

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Answered on 9/30/09, 6:36 pm


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