Legal Question in Real Estate Law in New York

my rights as a the co-owner of the home.

the co-owner the home that i live in and currently still paying the mortage on.has taken out a second mortage.on the house.althought she is soley responsible for repayment of the loan.i gave permission to use the house as collateral.to secure the loan.if she file's bankrupcy how does that affect my continued ownership of the home when the lein is enforced. by the creditor.


Asked on 12/08/02, 6:51 pm

3 Answers from Attorneys
Lawrence Simon Law Offices of Lawrence M. Simon

Re: my rights as a the co-owner of the home.

I need information on how the parties are listed on the deed, i.e. as joint tenantas, tenants in common, etc., and your relationship to the co-owner. [email protected]

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Answered on 12/08/02, 10:58 pm
Michael Markowitz Michael A. Markowitz, PC

Re: my rights as a the co-owner of the home.

When you state, "i gave permission to use the house as collateral.to secure the loan" I am assuming that you mean that you signed a promissory note and mortgage with the bank.

If this is the case, then you are jointly and severally responsible for the loan. In plain English, you must pay the loan and seek the funds from you bankrupt partner.

Mike.

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Answered on 12/09/02, 8:26 am
Walter LeVine Walter D. LeVine, Esq.

Re: my rights as a the co-owner of the home.

The house becomes at risk since it acts as collateral for the loan. While you did not sign for the loan, you allowed the house to be collateral for non-payment. Collateral can be reached if there is non-payment and the debt is not discharged by the borrower.

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Answered on 12/09/02, 1:58 pm


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