not married debt not conected to me.
2006-11-01 05:00:02 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes, you can be made to sell, since your partner will be made to realise, i.e., liquidate, all their assets, and that includes the house. The only thing that is different is that you MAY be given up to a year to find alternative living arrangements, or buy his/her share. He cannot give or sign over his share to you, you will have to pay fair market value if you wish to pursue this option.
There is some good specific advice from the government at http://www.insolvency.gov.uk/
2006-11-01 05:04:24 · answer #1 · answered by satyricon_uk 3 · 0⤊ 0⤋
Banks, lenders, creditors will want their money regardless of who else owns the property. So in answer to your question, yes you could be forced to liquidate, and, if ruled by the courts, you may not get full value for it. If you want to keep the property, buy out your partner and do it quick. You can do this by purchasing the property from your partner through a refinance. In this way, you'll use the equity built on the property as the cash to buy him out. Unless you're in Texas, where property values rise slower than molasses, this could be the best solution for you if you don't have cash on hand. If you're in California, and would like more information, email me at fab710203@yahoo.com. Good luck!
2006-11-01 13:15:03 · answer #2 · answered by ? 2 · 0⤊ 0⤋
If he/she is a married partner then I think they can take your share as well. If you are two separate people and you have no connection with any of their debt, then they can take their half share of the property minus the mortgage, so you will have to sell. If the property is 100 per cent yours and the mortgage is the only thing you share they can take the share of the mortgage (which is a debt) which of course, they will not want. So then you will not have to sell your home.
2006-11-01 13:12:21 · answer #3 · answered by patsy 5 · 0⤊ 0⤋
Yes ,im afraid so,they will want whatever equity he has in it,they will give you the option to buy his half before anybody else though.
If your wages dont entitle you to the full mortgage,you will have to sell.
2006-11-01 13:12:45 · answer #4 · answered by Pat R 6 · 0⤊ 0⤋
depends get a good financial counselor--any bank can help you--in the worse case scenario get an attorney
2006-11-01 13:03:07 · answer #5 · answered by darkangel1111 5 · 0⤊ 0⤋
you can also get stuck with his share of the morguage.
2006-11-01 13:09:33 · answer #6 · answered by glen t 4 · 0⤊ 0⤋