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GoLaw
GoLaw, Attorney
Category: Estate Law
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Experience:  Attorney with 8 years of experience.
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Multiple owner property owned by family. One person has responsibility

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Multiple owner property owned by family. One person has responsibility to pay for mortgage, and is unemployed. Other owners live on property and refuse responsibility to pay their equal share. Property is up for sale, and all financial resources are exhausted. Responsible person for mortgage is about to default on mortgage payment. All members are willing to let property go into default.   As part owner of the property and whom is responsible for paying the mortgage. Since the property is up for sale, can I sale or transfer title/deed without permission from other owners?
Submitted: 7 years ago.
Category: Estate Law
Expert:  GoLaw replied 7 years ago.

While you can transfer your interest in the property, you cannot transfer the other owners' interest in the property. Unfortunately, it is highly unlikely that anyone is going to want just a partial interest in the property. You may want to discuss with the other owners and your mortgage company about giving the bank a deed in lieu of foreclosure. This is where you give the property to the bank in return for the bank waiving its right to a deficiency judgment against you.

 

Please let me know if you need additional clarification.

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