Legal Question in Bankruptcy in Nevada

My girlfriend has a condo in Seattle. She is has very little income and is living with me in Nevada. She is renting out her condo for $1200/month, but her total payments are $2000/month. She is steadfastly falling further and further underwater. She owes $300k on her condo, and its worth $240, so she can't sell.

I own my own house (no loan), and have savings that I have accumulated after years of hard work.

If she gets forclosed on, attempts a short sale (I've heard banks are trying to recoupe losses by going after past short sale) or goes bankrupt, can they come after me? (Someone said they might be able to come after me because she is living with me).


Asked on 4/08/10, 3:25 pm

1 Answer from Attorneys
Dorothy Bunce

I am at a loss to explain why the "someone" who thought your girlfriend's mortgage lender might come after you thought this. Is your name on the contract? If not, then what would be the basis for "coming after you?" If you didn't sign the contract, they can't come after you.

Even so, for your own protection, I recommend that you file a homestead to protect your Nevada property. You can download the form from the following link:

http://www.accessclarkcounty.com/depts/Recorder/Help/Pages/Forms.aspx

The fee to record the homestead is about $15.

If your girlfriend wishes to resolve her debt problems with Bankruptcy, please ask her to call my office for information.

Good luck & God Bless!

Read more
Answered on 4/14/10, 10:22 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Nevada