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Mortage ownership rights

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K

KENNETH FUTCH

Junior Member
What is the name of your state?Washington State

My freind and I purchased a home together and the mortage loan and home title have both our names listed as owners with 50pct property rights.. My freind is deciding to move to another state, according to law he's entitled to pay 50pct of the mortage? If he refuse what type of lawyer handles such case.
 
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S

seniorjudge

Guest
KENNETH FUTCH said:
What is the name of your state?Washington State

My freind and I purchased a home together and the mortage loan and home title have both our names listed as owners with 50pct property rights.. My freind is deciding to move to another state, according to law he's entitled to pay 50pct of the mortage? If he refuse what type of lawyer handles such case.
Click to expand...
You do not OWN the mortgage, you OWE then mortgage.

If your friend does not want to pay half, then buy him out.

If he does not want to do that, then file a partition (forced sale) suit. The court will have it appraised and the highest bidder will buy it at the auction on the courthouse steps. After the sale (yes, you can buy) then the mortgage will be paid off and any dough leftover will be split 50-50.
 
K

KENNETH FUTCH

Junior Member
thanks for the information! I don't want to sell the home, my freind have no obligation to pay anything. I must pay the monthly mortage myself if i want to keep the property?
 
S

seniorjudge

Guest
KENNETH FUTCH said:
thanks for the information! I don't want to sell the home, my freind have no obligation to pay anything. I must pay the monthly mortage myself if i want to keep the property?
Click to expand...
If you want to own the property all by yourself, have a lawyer draw up a deed selling you the property all by yourself.

But FIRST, ask the mortgage company if that is okay. Sometimes there are clauses in mortgages that say if the land in conveyed, then the whole mortgage becomes due and payable immediately.

So what you need to do is talk to

the mortgage company

and then

a lawyer.
 
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