condo owned by 2 people one doesn't want to pay
Country relating to Question: United States
State (if USA): Tennessee
Thank you for the post, I am happy to assist you by answering your questions. What question can I answer for you regarding this matter?
Hello. My name is XXXXX XXXXX X will be glad to help you.I am JustAnswer.com Real Estate professional and also JustAnswer.com Real Estate Mentor and unfortunately your question was placed in the wrong category, but now it has been moved to the correct Real Estate category.Can you please tell me more about your situation and provide me with some details so I can better answer your question?Thanks.Alex Esquire41095.5455971065
I own a condo with my employer. He is also my recent ex boyfriend. We purchased the condo together with a joint mortgage as an investment several years ago. Because we recently broke up, he is threatening to not pay his part of the mortgage. He has the means to pay it but just wants to torture me. What will happen if he doesn't pay it? Will it actually be foreclosed on if I can't pay it on my own? The other mortgagee is a business owner and has many obligations and is simply choosing not to pay this one obligation.We can't sell it because easily because we purchased it at the height of the market (but it is for sale).I assume my credit will be ruined if I can't pay the whole mortgage although he is legally obligated to pay his half?Basically, my employer is a bully, he is threatening me in every way possible at work - today he made me sign an NDA agreement or said that I would be suspended without pay tomorrow (even though I have worked there for 10 years), he has fired me (and then rehired me) at least 3 times in the last few months - one time in a text message that literally said "You're fired but you look good naked", has continually sexually harassed me, and now he is trying to hurt me from another angle. He knows I have excellent credit and that I take it very seriously. Obviously I am trying to find another job but in today's market it is not easy. I can't really take a pay cut, especially if I am going to now have to pay the full mortgage on the condo that he is legally obligated to pay half of.I appreciate your help/advice. Thanks
Thank you for your follow up and further clarification.Can you please tell me what you owe on this joint mortgage and what the condo's current market value?Also are you able to refinance it in your name alone?
I am not able to refinance it in my name because he would need to agree to quick claim it, not sure how that would work. We owe $278 and it is for sale at $309. It has been for sale for close to a year and we got an offer last week of $285. The problem is that with commission we are going to have to pay out of pocket to close the deal. He is being difficult with this process, so now he is saying he just won't pay at all. He changes his mind all the time and forgets what he says - he is unstable at best. I am not interested in taking on the whole mortgage myself. When we bought it for $360 it appraised for $465, but I am hoping it will appraise somewhere near $300 at this point. Some have been foreclosed on, so there is not telling where the Appraisal will come in.Also, I would need to get him to agree to relinquish his ownership in the condo to me and that will not happen. He is very very manipulative and will make it as difficult as possible on me.
Thank you for your follow up.At this point if your co-owner is refusing to pay his half of the mortgage payment, you can file a lawsuit against him in the local court and seek for the court to award a judgment to you in the amount of the past due payments and also future payments and if the judgment is granted you would be able to collect upon it against the co-owner's assets.However, since you are jointly and severally responsible for this mortgage, you would still be liable to the mortgage lender for the entire mortgage payment while you pursuing legal action against the other owner.The other way to resolve it is to do exactly what you are trying to do and to sell the condo and if the joint owner is refusing to voluntarily sell it, then once again you would have to file a lawsuit and the court can order/force the sale of this property.I would suggest that you do consult with a local real estate attorney to help you pursue legal action against the co-owner.You can find a reputable and experienced local attorney by using this well trusted and established attorney information/referral websites:www.martindale.comwww.justia.comwww.lexmundi.comwww.lawyers.com
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