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Can I force my JTWROS to agree to sale of property

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snooper1

Junior Member
What is the name of your state? Flordia

I loaned my son the down payment for his house ($26,000/5years/at 2%). He has had the house for 18 months and is now in danger of not being able to make the mortgage payments. I am not on the mortgage but we are on the deed together as JTWROS. Right now I have more equity in the house that he does.
Will the mortgage holder look to me for payment if my son defaults?
If the bank forcloses on the property, where do I stand in line for repayment?
Should I file a lien on the property now?
What are my options with the mortgage holder?
Can I sell the house without my son's signature?
What leverage do I have to force my son to sell the house?
Can I force my son to move out so that I can rent the property to a third party?
 


The lender will look to you if you are on the note.
If it is foreclosed on, you are not in line for repayment anywhere.
A lien will help you to recover some of your investment but it's not guaranteed.
Options with the mortgage holder- Pay the monthly payments or sell the house.
You will both have to sign in order to sell the house.
Did he sign a note agreeing to $25,000 at 5 years at 2%? If so then sue him.
Do you think throwing him out of the house so you can keep it to rent it out is going to make for a good Thanksgiving dinner next year?
 

snooper1

Junior Member
Thanks for the info.
I am not on the loan so does that mean the mortgage holder can forclose before I have a chance to sell the house?
Maybe not great thanksgiving conversation but having him move out and renting the property would enable me to preserve the investment for him until his is able to resume the responsibility.
 

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