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| Buying & Selling Property Buying and selling real estate property. |
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#1 |
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Posts: n/a
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I live in Austin, Texas. My friend and I buy a house together (he needed my credit rating, to use the short reason). He died recently and I can't make the house payments, so Im attempting to sell it. Trouble is, his half of the house was transferred to the parents upon his death (no specified action was included in the loan papers, so the interest is passed to his parents as the only heirs). I have a deal in place and ready to be signed to get all interested parties out from under the mortgage and the impending foreclosure, but the parents have yet to contact me in any way, and all attempts on my part have been thwarted by voicemail and them never being home when I try to visit. If they stonewall me long enough the deal will fall through and the foreclosure will commence, dropping a hefty debt on all our laps.
I just want out from under my mortgage so I can get on with my life, but I really have very little options left. Any advice? |
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#2 |
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Posts: n/a
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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.)
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#3 |
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Posts: n/a
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Thankyou for replying.
Would it be possible to simply transfer my share in the property to the parents and just leave. I can handle the buyer myself, but I don't want the parents coming at me screaming Bad Faith, because they have been apprised of the situation (with the numerous phone messages and a copy of the mortgage info, showing how close to foreclosure the property is) and still refuse to speak with me. The idea came when a friend of mine broke up with her boyfriend and they both owned a house. He filled out a transfer of interest and she filed it herself to make sure it got done. She didn't have to sign the transfer herself, but the house is now in her sole possession. Thoughts? Warnings? anything would be helpful. thanks again. |
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#4 |
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Top Level Member
Last Online:
Jan 6th, 2009 01:06 AM Join Date: May 2007
Posts: 696
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You cannot force them to take your share. They would have to consent.
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