Posted on: 09th Jun, 2009 07:51 pm
co-borrower obligated to split rental income, when one borrower does not live there?...I am the co-borrower of mortgage on a multy-family home. My co-owner does not live here. I occupy the house. If I collect rental income am I obligated to split it with the co-owner?
Hi Guest,
The co-owner of the property can demand a share from the rental income. You can speak to your co-owner and check out what he/she has to say in this regard.
The co-owner of the property can demand a share from the rental income. You can speak to your co-owner and check out what he/she has to say in this regard.
in my opinion, that would have been something the two of you should have discussed in the beginning stages of the purchase of this property.
if i were the other party, i would certainly expect some sort of return on my investment.
is the rental income completely necessary to pay the mortgage payment you have with nothing left over?
if i were the other party, i would certainly expect some sort of return on my investment.
is the rental income completely necessary to pay the mortgage payment you have with nothing left over?
