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I live in nc my co borrower on the mortgage wants to leave

Customer Question
hello I live in nc...
hello I live in nc my co borrower on the mortgage wants to leave after 1 year I want to keep the property and pay the mortgage I doubt the other co borrower will sign anything what can I do to keep the property I don't want to sell it there really is no equity in the property what can I do
Submitted: 2 years ago.Category: Real Estate Law
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12/27/2015
Real Estate Lawyer: P. Simmons, Lawyer replied 2 years ago
P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 35,665
Experience: 12+ yrs. of experience including real estate law.
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Hello! My name is ***** ***** I am a licensed attorney with more than 18 years of experience. I am here to assist you with your questions. Please understand that if I ask you for additional information, you are NOT charged again and our communications are NOT timed. So please see this as a relaxed conversation between friends. I am here to help

Also, if you would like to chat on the phone, let me know and I can make that happen.

I am sorry for this dilemma.

And, frankly, your options are limited.

Your co owner has the same rights to the property as you. And, the same obligation (to pay the mortgage).

One option, if you can cover the mortgage on your own, is to do so. And bide your time. At some future point, when the home sells, you could sue to recover the equity that would typically belong to the co owner. The legal theory is that since you paid the mortgage allowing the equity to develop, you would be entitled to the entire equity in the home.

But this would require that you pay the mortgage for enough time to develop the equity.

The other option would be to file for a "partition" of the property (this would force a sale of the property to remove the mortgage). But this would require the property to be sold.

This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you that there were more options, but I can only provide you information based on the law so that you can act on the best available information to you...I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!
Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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Customer reply replied 2 years ago
1.can the co borrower force the property to be sold I want to stay here and can pay the mortgage 2 if I quit claim can/will the bank ask for immediate loan balance
Real Estate Lawyer: P. Simmons, Lawyer replied 2 years ago

1.can the co borrower force the property to be sold I want to stay here and can pay the mortgage
Yes. EITHER party can file for partition. So they can force the sale if the like. There is no legal defense to a partition action.

2 if I quit claim can/will the bank ask for immediate loan balance.

Most likely, yes. The loan you have will most likely have a provision that allows the bank to "call" the loan (make it due immediately) if either borrower transfers their interest. You can look at your mortgage to verify this. But it is common today for banks to include such language in mortgage loans

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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Real Estate Lawyer: P. Simmons, Lawyer replied 2 years ago

Sorry...typo

I put

Yes. EITHER party can file for partition. So they can force the sale if the like. There is no legal defense to a partition action.

Should read

Yes. EITHER party can file for partition. So they can force the sale if they like. There is no legal defense to a partition action.

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Customer reply replied 2 years ago
let me understand can I sue to force the other party to pay or can the bank refuse a partition filing by either party there is 0 equity in the house
Real Estate Lawyer: P. Simmons, Lawyer replied 2 years ago

You are not going to be able to sue to force the other party to pay the bank. That simply is not possible.

You CAN sue to force sale of the home regardless of equity (though if there is no equity, you will need to pay the balance of the loan when the home sells)

OR, you can pay the mortgage and wait for equity in the home...then when the home sells you can sue to recover the entire proceeds of the sale

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Customer reply replied 2 years ago
that I understand the other borrower can force me to sell the house even though I want to keep the house and pay the mortgage
Real Estate Lawyer: P. Simmons, Lawyer replied 2 years ago

Correct. They would need to hire a lawyer. And be able to pay the money owed at closing to effect the transfer of title (since there will be closing costs).

But it is possible...the can force sale at any time for any reason.

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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Real Estate Lawyer: P. Simmons, Lawyer replied 2 years ago

Hi

I have to step away for the evening (it is late for me).
If you have follow on questions I will address them in the morning.

If you have no further questions, I respectfully ***** ***** rate the answers, so I may receive credit for my work

Thanks!

phil

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Customer reply replied 2 years ago
I can end up homeless with no way to keep my home
Real Estate Lawyer: P. Simmons, Lawyer replied 2 years ago

I am truly sorry I can not give you better news. But I am assuming you want frank (honest) information.

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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P. Simmons
P. Simmons
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