Carl Nelson

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Bankruptcy: Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt Relief

Real Estate Law: Commercial Real Estate, Condominiums, Mortgages, Residential Real Estate

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63 Questions Answered

Q. My late father did not include me in his life estate. My mom is the life tenant and my brother is the remainderman.: April 8, 2024; A: You may share in whatever interest your mother has if she conveys it (all or a share) to you, but she cannot convey more than she has; so her life tenancy would not extend beyond her lifetime. Upon her death your brother’s heirs or those named in his will if he had one (whether that includes you or not) would inherit his remainder interest.

Q. I let someone borrow $2,500 and the person does not want to pay me back, can I sue that person to get my money back?: February 17, 2024; A: If there was an agreement to pay the funds back, you can sue to recover…the questions are (1) can you prove the debt (especially if the agreement was oral rather than written); (2) how much time and cost will you incur to being an action; and (3) is there a means to collect on a judgment.

Q. Two borrowers (not married) on a Joint Mortgage - one moves out, other stays: February 6, 2024; A: You've only used the term"borrower," which is distinct from any ownership interest in property, but because you refer to being on a mortgage, I would assume you both have an ownership interest. In that respect, it is possible for one co-owner of a piece of property to seek to partition a piece of real property in New York. If this is not possible, which it rarely would be for residential property, the property may be sold with the profits being distributed according to each party's ownership interest. You would be entitled to an accounting of the amounts paid on the mortgage, etc. and could also use that as a bargaining chip in trying to negotiate a settlement to avoid a sale. ... Read More

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Carl J. Nelson Law, P.C.

800 Westchester Avenue

Suite N-641

Rye Brook, NY 10573

Telephone: (877) 282-2882