I signed a bond with my property as collateral and now the bonding company wants to take my property
Full Question:
I put up property apperance bond with a bail bonding company and it was explained to me if the person did not appear a lein would be placed on my property. I was told the person failed to appear. The bonding company told me unless I could come up with 35,000.00 dollars they were going to take my property. They said the kind of bond I signed was a deed to secure debit
with power to sale they could take the property without going to court. Be aware that the deed is in mine an my wife's name. they did the bond without her allowing them to do so.
She did not sign anything. Is this still a legal bond, if it is how can I stop this forclosure? What would my options be; bankruptcy, quitclaim, or other means? I have a mortgage of 41,000.00 and the property value is 130,000.00. They said they could buy the mortgage and resale it to get their money. I dont know what the time limit is in this situation, its been about 4 weeks now. What kind of attorney [field of law] should I contact?
04/27/2009 |
Category: Civil Actions ยป Liens |
State: ALL |
#16216
Answer:
Any general practice attorney should be able to handle this type of civil matter. The answer will depend on all the facts involved and whether the property is held as tenants in common or tenants by the entirety, as determined the the language of the deed. Generally, when
property is owned jointly as tenants in common, but only one of the parties owes a debt, the creditor may only recover from that debtor's interest in the property. If the property is sold to satisfy the debt, only the amount of the debtor's interest in the property can be collected. Typically, property held as tenants by the entireities cannot be charged with separate debt or obligation of either spouse.
