Legal Question in Real Estate Law in Michigan
i am a co signer on me ex wifes house. what rights do i have if she stops paying her mortgage? she just lost her job and is already a month behind, and thinking of filing bankruptcy.
thanks,
brian
1 Answer from Attorneys
If you are a co-signer on the mortgage note, you have liability to pay the loan. If you are still a co-owner, (meaning that your divorce decree did not grant the house to her), then you also have the right to possession of the property. If she fails to pay her "share" of the mortgage, you can pay it, and then sue her for partition, assuming that you are both still owners. She will have to pay or you can sell the property, and keep a percent of the equity, equal to the percent of your payments on the loan as well as maintenance costs. You will need a real estate attorney to sort all of this out.