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partners going Chapter 7

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  • partners going Chapter 7

    My wife and I own 2 rental properties with another couple which is filing chapter 7. We are all listed on the deed. These properties have had and continue to have a negative cash flow. One property is not worth what the mortgage is on it. One property is owned without a formal mortgage on the books. (Note both couples have business lines which were used for this.) Trustee meeting is on Tuesday. Partners have not even spoke since December. What do I ask trustee. How do I get the trustee to abandon these properties. I need to sell these before it drives me to bankruptcy.

    any help would be appriciated.

    thanks

  • #2
    I am in a similar situation although I am the one filing bankruptcy. The Trustee, more than likely, is not going to have any interest in the property where the mortgage exceeds market value, because they are only looking for assets that can be liquidated.

    I own a rental property with a family member. I took out a mortgage on the rental, the other owner's portion was financed via a primary home equity loan, so the property has substantial "equity," even though it really doesn't. The attorney told me that even though this is my mortgage, and technically, I have no equity because the mortgage represents my half, that the Trustee will seize the property, force a sale, pay off the mortgage, and then give half of the proceeds to the other owner. They don't give a squat about how the other owner financed their portion unless it's secured by the property in question. The problem I'm having with this is that since the market has fallen, the other owner is going to take a big hit since she will still be paying on a substantial primary home equity loan and will not have any rental income with which to pay it. She will most likely only realize $10,000 - $20,000 from the Trustee sale.

    I asked the attorney as well if there was any possibility that she could try to explain to the Trustee the situation, and the attorney advised that it would be to no avail.

    I, too, would like to know if anyone has been in this situation and how understanding the Trustees have been with regard to a non-filing party's interest in a property.

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    • #3
      Can the trustee sell

      How can the trustee force me to sell if my partners are going bankrupt and I am 50% owner. Are they somehow going to try to force me to buy my partners out?

      Comment


      • #4
        Yes, under Federal law, they treat you all like secondary creditors and/or secondary lien holders of property.. and FORCE selling/dissolution/distribution of all assets... no matter what, who, which, when & why?..

        Comment


        • #5
          That's what I was afraid of ......

          As far as trying to "force you to buy out your partners," my understanding is that the Trustee cannot force you to do that, however, that may be the best thing. My attorney did say that a lot of times before seizing the property and selling it at an auction, oftentimes they will come to the other owner and ask if they're interested in purchasing the other portion, it's much cleaner and less work for them. Since it sounds like the second property in question is owned "free and clear," even though there are lines of credit which were used to purchase it, you may be able to buy out your partner at a substantially reduced price if you speak with the Trustee, then you would be 100% vested and even have equity as well.

          I wish that were my situation, that my mortgage were elsewhere, i.e., line of credit on a different home, however, my mortgage is actually secured by the property so there is no way that the other owner of this property could ever buy me out because she would have to pay off the mortgage.

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