Posted on: 25th Nov, 2009 07:30 pm
I co-own a condo in florida. My friend and I paid cash 50/50. One year later she takes out a mortgage for the full amount she invested plus 27,000 of my share. I gave her permission with the agreement I would get paid back at time of sale of the condo. One year later the market crashes and the condo is only worth half of what we paid. Now my friend does not want to pay her mortgage and her bank started foreclosure proceedings. What are my rights? My friend got her money back and then some of mine when she took out this mortgage and she tells me she will try to pay me back over the next 10 years 50% of what I intially invested. I am losing all this money and she loses nothing. I wanted to keep the property rented until the market comes back up and I am told no. Do I have any rights against the bank and my friend???
Hi Lkassimatis,
Did you give up your ownership to the property? Is your name still listed on the property deed? In case it is, you still have an ownership right to the property. But if your name has been removed from the title, you cannot claim any ownership interest. Did you sign any agreement with your co-owner when she took out the mortgage? If you did, then you can claim your share of the money, which you were promised in the agreement. The bank will foreclose on the property if the payments are not being made. You have no right against the bank in this case. But you can certainly have a right to claim your share of the money from your co-owner, provided you have had a written agreement with her.
Did you give up your ownership to the property? Is your name still listed on the property deed? In case it is, you still have an ownership right to the property. But if your name has been removed from the title, you cannot claim any ownership interest. Did you sign any agreement with your co-owner when she took out the mortgage? If you did, then you can claim your share of the money, which you were promised in the agreement. The bank will foreclose on the property if the payments are not being made. You have no right against the bank in this case. But you can certainly have a right to claim your share of the money from your co-owner, provided you have had a written agreement with her.
I am an owner of a condo in Hawaii. I attended a few board meetings and was not allowed to speak or ask questions in the meeting. what are my rights as an owner?
thank you,
Angela
thank you,
Angela
As far as I know, as an owner of a condo, you have the rights to ask question in the Board Association's meeting. Try to ask a question the next time the meeting is held and check out what they have to say in this matter.
I recently had damage done to my ceiling of my laundry room because of a leak from one of the condo's above me. I asked the managers of the property to fix the 3' by 2' hole about 3 weeks ago after they assured me the leak was fixed. My tenent called Dallas County Code Enforcement because the management kept dragging their feet about fixing the ceiling. Code Enforcement said I was responsible for fixing the hole because I am the legal owner. However this is the 3rd time in 4 years that leaks from above have caused me to do repairs to my property. Why am I responsible when property management never fixed the leak 3 years ago? I thought I was responsible for anything that went wrong inside the condo? Please help.
Welcome wyn,
You should discuss your situation with an attorney in order to find out who is personally liable for fixing the hole in the condo. As far as I can understand, it is the condo association who should look after the matter.
You should discuss your situation with an attorney in order to find out who is personally liable for fixing the hole in the condo. As far as I can understand, it is the condo association who should look after the matter.