Co-Ownership Rights

If you have a co-owned property, and the co-owner living in the property doesn't pay the mortgage, it will be a "bad real estate" investment. Even though you no longer occupy the property, the personal liability of the bank loan and mortgage doesn't go away. Under such circumstances, the credit report of those who no longer live in the property will be ruined by the poor conduct of the property occupant.

The "suit for partition" law will be helpful in such cases, whereas a co-owner has the right to sell your interest. The other co-owner can buy your interest if he or she wants to.

You can request the court to order that the property be sold, with you receiving your share of equity, and the other owner receiving his or her share of the equity. 

As there are many cosigned mortgage loans where individuals no longer wish to own the property, the law provides this remedy. The law also allows you to demand the co-owner to sell the property if you desire to pull out directly. This is not a negotiation, it is your right, and a matter of law.

With over 30 years of experience, the attorneys at Mike Norris Law Offices will provide personal service and assist you to exercise your right.