| Am I liable for the second mortgage on this house?
What is the name of your state? CA
Hello!
My fiance and I purchased a house in 2005 in San Diego. He broke off the engagement with me in January of 2007. Due to mutual financial constraints, and the market down turn, we have not been able to sell the house and are both still living in it along with my 6 year old daughter. Both of our names are on the deed and the first mortgage in the amount of 790k, but only his name is on the second mortgage in the amount of 120k. We have the house listed at 1M, but the neighborhood comps and appriasals will probably peg the sale price closer to about 825. That would leave about 100k deficit in selling the house.
My question is, am I liable for any part of the deficeit on the second mortgage? My name is not on the mortgage, we did not get married, and it was his choice to not get married. He refuses to let the house go short, and has extremely wealthy parents who would cover the difference in a heartbeat.
I have been paying half of the first and second mortgage payments up until this point. I felt as long as I'm living here, I should. However, I am planning on moving out in a month, and will cease paying half of at least the second mortgage, and we'll see if I can afford to pay half of the first and still afford rent on another location.
I do have separate stock and cash assets of over 100k. I am worried that he will sue me for half of the house sale deficeit, and I need to protect this money as a single mother and for my daughter's future. Is there any way I can protect ourselves and our assets? I am very close with my parents and they are creating a living trust, should I put my money in the living trust with them? Would that be more protected?
I know that I have a lot of questions, but I really appreciate any feedback that I get!!! Thank you so much!!!  | 
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