Partition of property

[many_questions]

Me and my ex-girlfriend own a house together. It's been on the market for long time. Since it is hard to sell the house, my ex refuses to pay for the mortgage anymore. What can I do? Can I file a "partition of property"?

I have couple of questions that I need help from you. Thank you.

1) What is the difference between “partition of property” and “division of property”?
2) If a “partition of property” is filed, how long does it usually take the court to grant the partition?
3) After a partition is granted by the court, how long does the next process (bidding, etc.) takes place until the property is sold, is there a time limit on when the bidders have to take action
4) Who gets to bid on property that have granted “partition of property status”
5) What if the highest bid is under the appraisal value of the property? can the owners or the court set a minimum bidding price?, if the highest bid is under the appraisal value, do we have to sell it anyway?
6) What if no one bids on the property at all?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by
many_questions:
Me and my ex-girlfriend own a house
together. It's been on the market for
long time. Since it is hard to sell the
house, my ex refuses to pay for the
mortgage anymore. What can I do? Can I
file a "partition of property"?

I have couple of questions that I need
help from you. Thank you.

1) What is the difference between
“partition of property” and “division of
property”?
2) If a “partition of property” is filed,
how long does it usually take the court
to grant the partition?
3) After a partition is granted by the
court, how long does the next process
(bidding, etc.) takes place until the
property is sold, is there a time limit
on when the bidders have to take action
4) Who gets to bid on property that have
granted “partition of property status”
5) What if the highest bid is under the
appraisal value of the property? can the
owners or the court set a minimum bidding
price?, if the highest bid is under the
appraisal value, do we have to sell it
anyway?
6) What if no one bids on the property at
all?<HR></BLOCKQUOTE>

It appears that the partition and the division queston is a moot point here because the morgage lender will hold both of you liable jointly and severally for the payback of the mortgage. There is no separation or division of loan as the lender will not divide the mortgage balance in half between the two of you. If you ex defaults, the lender will look to you to pay the entire loan. Take a hard look at the list price of the home and reduce it to a price that would sell the property even if it is under market value. Talk to your lender and if needed, see if they will accept a short sale (a sales price for less than the mortgage loan) Can you get another co-owner to make the other share of the payments if there is a lot of equity? If not and there is no way that you can handle the mortgage, ask your lender if they will take a deed-in-lieu of foreclosure. You give the property back and walk.

[This message has been edited by HomeGuru (edited May 27, 2000).]