Legal Question in Real Estate Law in Massachusetts
I own a house with a co-owner. He has been living in the house for some time, recently moved out and is refusing to pay anything more, and does not appear to care about foreclosure. I am wondering if he is planning to go into bankruptcy and if so how this will affect me. If he does, and the house is foreclosed upon, can the bank go after me for the deficiency because he is protected by bankruptcy? Can I petition the court to make him pay half of the mortgage going forward?
1 Answer from Attorneys
If he files bankruptcy it will automatically stay the foreclosure as to his interest. Your best alternative if you cannot pay the mortgage without contribution from your co-tenant is to petition for partition or get the other owner to agree to sell the home.
You may be able to work out a deal with the lender to take the property by deed in lieu of foreclosure if your partner will agree or to try to get a work out by putting the property up for sale.
As to your question, can they lender seek the deficiency from you if your co-owner files bankruptcy, the answer is yes.
I suggest you meet with an attorney and determine what alternatives are the best course of action for you to take.
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