Law of Debtors and Creditors: PLG-305-1606

Bonnie and Clyde have come into some money. They buy a house in Massachusetts for $500,000 dollars, which is secured by a $400,000 mortgage. The mortgage is properly perfected and recorded. When they buy it, the broker tells them to file a written homestead declaration, but they never get around to it. They don’t divide the property evenly, and Bonnie pays for 1/5 while Clyde pays the remaining 4/5. Since they are not the “commitment types” and worry about the stability of their non-marital relationship, they buy the house as tenants in common.

Two years later, Bonnie is fed up with Clyde and she temporarily leaves. Bonnie continues to make all payments on the house, and she is out on her own for a few weeks when she calls Clyde to tell him that she had a little “accident” while “driving too fast away from a mini-mart,” and now there is a $30,000 judgment against her. She is low on cash at the moment, so the judgment creditor wants to go after the house for payment. The current mortgage is $300,000 and the current value of the house is $600,000.

Bonnie and Clyde come to you and they want to know if the judgment creditor can force them to pay and if so, how much will he get? Please research the appropriate law and address all relevant issues. 

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