How can I protect my property if my co-borrower is divorcing?
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How can I protect my property if my co-borrower is divorcing?
I made the dumb decision to purchase a home in TX 10 years ago with a friend. Said friend and co-borrower resides in CA and was married last month. However, now they are considering a divorce due to drama that I am not privy to. We filed a quick claim deed 5 years ago but he is still technically on the
loan. Can his soon-to-be ex-wife force the sale of my home? What can I do to protect my property?
Asked on May 18, 2018 under Real Estate Law, Texas
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You need to get your friend off of the deed. You should also refinance to get them off of the mortgage as well. That having been said, if the property is still deemed to be a part of the community estate, the court may give you the option of buying your co-owner out. Bottom line, you are still at risk but can take the above steps to minimize the risk.
B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Regardless of what you do, you still have some risk. However, you can reduce some of the risk if you refinance in your name alone and get your friend off the deed completely.
If the property is still deemed to be part of the community estate, a court will often let you keep the property if you can buy your partner out of his share of the equity in the property.
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