foreclosure looming?
This is a discussion on foreclosure looming? within the Business Contracts & Partnerships forum, part of the BUSINESS & FINANCE LAW category; hey there, i bought a house with my sister. the plan was to fix it and sell it. the house ...
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#1 |
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hey there, i bought a house with my sister. the plan was to fix it and sell it. the house has been on the market for 16 months now and i don't see it selling anytime soon. we all know the market sucks. i can barely afford to live right now with the mortage payments where they're at and i honestly have become content with just letting the bank forclose. i understand this ruins my credit but i feel like it's inevitably going to happen anyways. the problem is my sister is absolutely against forclosing. she's in a much better financial situation than i am so she can't really see things from my perspective. being co-owner of the house do i have a right to say i'm done making payments? i want to forclose?
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#2 |
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Anyone have any input on this?
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#3 |
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Top Level Member
Join Date: May 2007
Posts: 872
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If two or more owners cannot agree on what to do with a piece of property they may petition the court and the court will order a sale or refinancing etc. so that the one or more may get out of the property obligation and/or the other(s) may keep it etc.--it is often done-- (This is true in some cases even for equitable owners that have paid various amounts etc., but for various reasons, may not be on title.) You could threaten to take this action if need be. It may cause compromise which is of course what you need here now...
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