I co-own a house in Washinton State as rental property with a friend (we are not related), and we don't have any mortgages. The title is clear and under both of our names, and my proportion is 21%. Now my friend has financial difficulties and some of her houses in California already went to foreclosure. (She hasn't filed bankruptcy yet) We didn't form any business entity, but she agreed to write a contract clarifying our partnership, and she wants to transfer her title under someone else's name in order to protect our house. Would the creditor still be able to claim the house even if it is paid already? If so, how would this affect our co-ownership? How can I protect my asset? What needs be included in our contract? Would it be any different if I am an alien?
You need to consult an experienced lawyer The home in Washington State is in danger : It’s an assets of hers that can be seized by the Bankruptcy court to pay off any debtors, plus if she defaults on any homes in Utica that are recourse loans the lenders can seize her portion of the home to pay off those debts as well Outside someone paying FMV, fair market value for her part, any other transfer maybe clawed back by the courts to pay her bills, no matter what type of contract you two draft
Here you can compare different options try it is free FINANCE-SOLUTION.US RE How to protect co-owned real estate property if partner files bankruptcy? I co-own a house in Washinton State as rental property with a friend (we are not related), and we don't have any mortgages. The title is clear and under both of our names, and my proportion is 21%. Now my friend has financial difficulties and some of her houses in California already went to foreclosure. (She hasn't filed bankruptcy yet) We didn't form any business entity, but she agreed to write a contract clarifying our partnership, and she wants to transfer her title under someone else's name in order to protect our house. Would the creditor still be able to claim the house even if it is paid already? If so, how would this affect our co-ownership? How can I protect my asset? What needs be included in our contract? Would it be any different if I am an alien?
It is too late for her to attempt to commit this fraud, it will show up and likely send her to jail. Mo contract she can write will exempt any of her assets, that would be just as much fraud as changing the name to someone else. You should not have partnered up with someone willing to commit felonies. You can't save the house, she has to include it in her bankruptcy, however, you may be able to force her to give you 21% of the present value. If you are an illegal you may have difficulty even doing that, but if you are an alien with a legal right to live in the US it will not effect anything.
Is the deed still in both of your names? If it is, one owner can't sell without the other owner's consent. If the deed is now only in his name (if it was changed as part of the re-fi), he might be able to sell it out from under you. This is why it's always a good idea to put these types of transactions into a partnership or an S-corporation. There should have been some sort of written agreement prior to entering into this transaction that would discuss what would happen if one owner wanted out. A painful lesson learned, I guess. Good luck!
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