Central District Consumer Bankruptcy Attorney's Association

Alik,
Your first premise isn't in accord with what I know to be industry
practice. Bank would never fund a loan and let only one of two
title-holders sign the note/TD. Same is true for the second TD. You
would need to explain the circumstances.
Second, if B, the non-signing tenant in common (?) is still on title,
his/her interest is encumbered by the two loans.
Third, we don't know if this is a principal residence or a rental
property.
Gerald McNally
McNally Bus Card Smaller
Gerald McNally
McNally & Associates, P.C.
517 East Wilson Ave., Ste 104
Glendale, CA 91206
818.507.5100
Fax: 818.507.5001
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Anyone?
On Fri, Jun 8, 2012 at 11:10 AM, Alik Segal wrote:
> Mates:
>
> This issue probably comes up periodically, but I am not sure how to phrase
> the query. Help me brainstorm this.
>
> 1. A and B purchased a rental house together and took title as
> 50/50 cotenants. The purchase was financed with 2 mortgages signed solely
> by B (liable cotenant). A (non-liable cotenant) files chapter 11.
>
>
> 1. Can A (non-liable cotenant) strip a junior mortgage? Can A
> (non-liable cotenant) cram down on a senior mortgage? In other words,
> is privity of contract necessary to strip or cram down on a lien?
> 2. Is B (liable cotenant) still liable on the crammed down and
> stripped mortgages?
> 3. Is there any theory under which B (liable cotenant) can be
> protected with a something like a codebtors stay? B is not a
> codebtor, because he is the only one liable on the mortgages.
>
>
> --
> Alik Segal
> Alik.Segal@gmail.com
> 310-362-6157
> California Central District
>
Alik Segal
Alik.Segal@gmail.com
310-362-6157
California Central District
Anyone?On Fri, Jun 8, 2012 at 11:10 AM, Alik Segal <listserv.inbox@gmail.com> wrote:
Mates:This issue probably comes up periodically, but I am not sure how to phrase the query. Help me brainstorm this.
The post was migrated from Yahoo.