 |
Four Owners |
| |
 |
One year ago my wife, her children and me along with my father in law and his wife purchased a home. The father in law and I are on the mortgage note and all four (4) adults are on the title. The living arrangements didn't work out so my father in law and his wife are living in a rental property that I have. They now want to move from the rental property and buy another home for themselves. Question: Since my father in law are on the mortgage note doesn't he have the same responsibility for the mortgage and property taxes as I do? Secondly can one of us decide to sell this property even though the other party doesn't want to sell? I know this is complecated but it appears to me that selling the property and moving back into my rental is best for me, my wife and her children, yet during this process the bills need to be paid. Please advise and thanks for reading this convoluted question. |
| |
| |
 |
Everyone who signed the mortgage is personally responsible for the entire debt. Everyone who is an owner is personally responsible for the entire property taxes. It doesn't matter whether they live in the property or not.
Any one of the owners can go to court and ask for an order that the property be sold ("partition"). That involves unpleasantness, legal costs, and usually an auction sale for less than the place is worth, so you'd want to avoid doing it if at all possible. But you do have that right. |
| |
|
Edith
Originally published on January 30, 2008 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
