How long on average does it take to file a petition to partition jointly held property?
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How long on average does it take to file a petition to partition jointly held property?
Tenants in common situation; the mortgage is upside down. How long after it is filed can the house usually be sold publicly versus privately? Will we have to continue to pay the mortgage the whole time if it will probably be shortsaled anyway?
Asked on October 11, 2010 under Real Estate Law, Massachusetts
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You question is confusing. Why, may I ask, are you filing an action for partition? Is only one of you unable to pay your portion of the mortgage? Or do you want a declaration of severance for other legal reasons? If you are both aware that you are going to lost the money on the house and have to short sale the property, I would suggest that you seek help with the deficiency judgement or seek another alternative. Possibly a deed in lieu of foreclosure with a waiver of deficiency? I would suggest seeking help from a debt counseling agency or an attorney in your area on the best way to proceed. Good luck.
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