Legal real estate experts

[Little6pack]

? If you are on a deed to a property as 1/2 owner, but not the mortgage how much say do you have if you want to force the sale of the property?

If it helps the property is in Massachusetts AKA Taxacusetts.:

& if you are wondering why me/wife are not on mortgage is because we did not want to show an extra payment in case we ever wanted to re-fi our primary home.

 

[ghall]

In North Carolina--i can tell you from experience(as the one who was on the mortgage and 1/2 the deed)-----you are as much owners as the one on the mortgage.Your case is exactly as mine because the other couple did not want it to show up against debt-to-income ratio.When we sold the property----they were dealt as 50% partners.If you have anymore specific questions just post them---but in our situation--it was 50/50 regardless of the mortgage(and i knew this going into the deal)---it just worked out good for all involved

Geoff

 

[1badTTA]

From everything I have seen dealing with similiar situations, there are actually 3 names on your deed. Yours, the other persons, and the banks. You each are entitled to half the equity and the rest belongs to the bank.

As far as forcing a sale, good luck. A friend of mine is still trying to get his house sold after he broke up with his G/F over a year ago. It would have been sold along time ago if they would have been married. It will be 18 months in March when it is scheduled to go to trial. Messed up part is that she can't afford the payments and it will be near foreclosure then.

 

[Little6pack]

My situation makes it sticker with INLAWS!

We have 4 actual names on deed & 5 if you include bank.

The intent purpose was to use it as a rental to make $$

But the dam land/building value $$ on cape cod went up so fast the inlaws renegged on the deal about renting it.

They parked thier FAT ARSES there so if we want to use it or rent it makes it tough for us.

Renting is only good in july & august.
Could almost pay the whole years mortage but they won't allow it. so in the meantime I am paying for baisically nothing.
Can't even use it ourselves cause they won't leave. BUMMER!

I have tried to force the issue about them buying us out to which they won't because they would owe us like $95k

Then I suggest selling. Same thing here big fat NO.

Then I suggested selling to buy a bigger place or better place. upgrading.
They like this idea somewhat.
I was hoping they would sell & when comes time screw real fast with our $$ then tell em FUGETA ABOUT another home with them.

Of course this puts my wife in an awkward situation.

 

[salvageV6]

Wow some people....

I'd put a ton of insurance on it and then take them out to dinner some night during a lightning storm.

Yeah it was a joke....

Are the others on the paperwork the husband and wife or are there others involved.

So you basically are paying half their mortgage?

I think we can hold a Buick meet and party up there next year during your weeks of ownership.

They might choose to leave on their own during that.

 

[Little6pack]

Originally posted by salvageV6
Wow some people....

I'd put a ton of insurance on it and then take them out to dinner some night during a lightning storm.

Yeah it was a joke....

Are the others on the paperwork the husband and wife or are there others involved.

So you basically are paying half their mortgage?

I think we can hold a Buick meet and party up there next year during your weeks of ownership.

They might choose to leave on their own during that.

A) I have prayed for a HUGE mother Fuka hurricane to flatten it out! Last hurricane had to go to Virgina/md DOH!

B) Hubby & wifey

C) Yup 1/2 mortage & sweat equity doing stuff to the place the 1st - 2 years


D) Yeah Buick Party LOL They won't budge.. like goldy locks & the 3 bears. Who has been sleeping in my bed!

 

[1badTTA]

I personally would tell them that you went in on the deal for the purpose of renting it, and now you want the rent. If they don't want to pay the rent then they need to buy you out.

Of course it really doesn't matter if they are older and you are going to get it in the end

Could also take out a home equity loan against it for half of the total equity, that would get their attention

 

[boosted1]

even if you tried to get a line of credit on the property they would have to be notified legally. the only thing i can say is to get a lawyer into the situation and say you want out
then they have to get a line out and pay you out or they have to sell to give you your half

im a mortgage broker and an investor if you have any other questions just ask

good luck
slawek
boosted1@yahoo,com

 

[BlownZ]

Doesn't help you now but shows that you need to get everything in writing. Even with inlaws.....actually ESPECIALLY with relatives. You cannot force a sale at this point so I would work on convincing them to sell and upgrade and then pull a Houdini.

 

[Pronto]

Don't give them any money for the mortgage.

 

[BlownZ]

Not good advice.

His name is on the deed and not on the mortgage which is great however if they default on the mortgage and it goes into foreclosure then he will lose his interest in the deed and also all of his equity. If you think they are capable of paying without your money then you could default and stop paying and still retain your equity however this will likely cause some family strife.

You are in a tough situation my friend. You would not find an investor that would want to buy your half of the deed with no rental income coming in. You cannot force them to sell their half interest so if I were you I would stick to your plan and try and get them to upgrade. Once you have your funds then politely inform them you are out of the investment business.

I would without a doubt invest the few bucks in a consultation with a real estate attorney and see if they have anything they can help you with. The bottom line though boils down to how ugly do you want it to get with inlaws.

 

[salvageV6]

I'd be smoking hot.

Tell them you want your half the house and time, half the year.

Tell them you have it rented out, show them a fake signature and some cash downpayment.

Make them move out for that time period.

Then move in yourselves and say the guy backed out, and show them how it feels.

Don't move out either.

 

[Little6pack]

He (dad in Law) has the money topay bank off!
Still does me no good. would not get my portion.

I have brought up the rental situation.
Before we bought it he said in front of us we must rent it to pay for it.
I remember I had people lined up to rent it back in 97.
We had all the weeks divided up. Then the BITCH (mom in law)
wanted the house for herself because she lived in apartments & 3 family homes all her life. Once she had a taste of LAND & no apartment style building she loved it.

Many arguments later the situation has not resolved itself.

Yeah we suggested the NO pay route but my wife is honorabile.
We have boycotted going there or doing any work. The garage needs a roof & I won't do it it with him.