I have a question regarding what my liability in the following case is:
My ex business partner and I purcahsed a 2 family property aprox 2 years ago. The mortgage was in his name only, I am only on the deed and was placed on about a month after the purchase happened. Recenetly the house has gone into foreclosure due to a flood which destroyed the house, we were not able to have any tenants and therefore could not afford the mortgage.
My bus partner has retained an attorney for himself and sent me a letter basically stating that I should do the same as I am respponisble for half of the deficiency.
The question is there really any legal obligation on my part to do so? Can the lender come after me as well just being a deed holder?