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Title is in 2 names, mortgage is in 1 name. Non-liable co=
filing creates an estate.
estate owns property
property encumbered is subject to bk code.
Alik, you can look this up and report back. If the propery is a cotenacy, what percentage is owned by each cotenant? i.e. do they each own 100%?ctions?
liable cotenant can be sued.
no codebtor stay.
d
________________________________
To: CDCBAA Listserv ; NACBA BK ; CAMFFG
Sent: Friday, June 8, 2012 11:10 AM
Subject: [cdcbaa] Title is in 2 names, mortgage is in 1 name. Non-liable cotenant files bk.
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
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