Posted on: 12th Nov, 2008 04:37 am
In 2006, as everyone else, I invested with a bus. assoc. in a townhome. She put the mortgage in her name and just requested an equal deposit on home. We are renting the investment right now. The property is 100K upside down and I do want out. I did not want to close on this property and was willing to lose deposit. "Partner" wanted to. Can I walk away without her suing me. I am on deed and title. Not on Mortgage. For me, I feel as though losing the 30 - 35K dollars I invested was a big enough hit. What to do? I cannot afford to pay if we lose tenant and I do want out.
lrm you are not legally obligated to make payments on the mortgage unless you are a signer of the promissory note. however, should the mortgage go into default, you would be affected by any foreclosure action that the lender might take, inasmuch as you're one of the owners.
that your partner wanted to close and you didn't doesn't hold much relevance now, inasmuch as you were a party to the closing as an owner.
that your partner wanted to close and you didn't doesn't hold much relevance now, inasmuch as you were a party to the closing as an owner.