Posted on: 07th Apr, 2010 10:52 am
I brought a house 10 years ago with a friend. We have a joint mortage and have payed equally untill recently. Basically he has been unemployed for six months and is saying he will not be able to meet any further repayments until he has a job. This situation does not look like changing any time soon and I was wondering if he doesn't pay any mortage payments, (and I pay everything) is there a time period where he would no longer have any rights to owership of the property?
not unless you and he had made such an arrangement up front, matthew. anytime two unrelated individuals purchase property, it is imperative that they lay out the details of the ownership, how payments will be managed, etc.
of course, here you have an unusual situation. the loss of a job affects every aspect of a financial plan, unless a new job is acquired quickly. it sounds like each of you was participating in the mortgage, and that all was well until the job loss. it'd be really nice if you'd bide your time, and of course it'd be really nice if he'd get hired soon.
i am unaware of any legal notions that would allow you to bump him off the title to this home.
of course, here you have an unusual situation. the loss of a job affects every aspect of a financial plan, unless a new job is acquired quickly. it sounds like each of you was participating in the mortgage, and that all was well until the job loss. it'd be really nice if you'd bide your time, and of course it'd be really nice if he'd get hired soon.
i am unaware of any legal notions that would allow you to bump him off the title to this home.
I have a friend who bought a house w/ someone and is on the deed. Legally one party cannot sell the home w/out the others consent. What legal course of action can be taken if one party puts the home on the market w/out the others consent? What legal action can be taken if the other party forges my friend's signature and the home sells?
Hi stacey,
Your query has been replied to in the given page:
http://www.mortgagefit.com/propertytransfer/legalaction-house-market.html
Take a look at it. I hope it will help you.
Your query has been replied to in the given page:
http://www.mortgagefit.com/propertytransfer/legalaction-house-market.html
Take a look at it. I hope it will help you.