if you have a joint mortgage?

Question

i have a joint mortgage with someone and its gone sour big time, the other person wants to sell when it not convienient right now, the other person has moved out and their mum reckons shes moving in just to be a *****.
can she do this if given permission by other person on joint mortgage even against my wishes

Answer 1

The mortgage is a debt. If she doesn't want the debt any more, she has to give back the money. She can either do that by selling the property, or by finding the money elsewhere. Even so, you have to also agree to terminate the mortgage and repay the money.

If you say no, and she defaults on the debt, the house will be repossessed and potentially sold at a loss; and your credit rating as well as hers will be damaged.

The best thing to do for you is to agree to sell and then repay the debt from the proceeds. Doing anything else is likely to put you in a bad financial position.

I assume you don't have the resources to either pay her for her half of the property, or to assume the whole debt and pay both halves of the mortgage.

Answer 2

Well, there is a joint mortage and joint tenancy. The mortgage is the security for the loan you and this other person used to purchase the property. It also acts as a lien to make sure that the property can't be sold until its paid and/or released.

Its going to be difficult for the other person to force you to sell if you don't wish to do so. However, the question is, can you afford the property by yourself? If so, perhaps you should refinance and by doing so, take the other person off of it. If they aren't living there, I understand why they wouldn't want to be held legally responsible for the propery, AND have a loan outstanding on their credit report.

You might want to visit with an attorney in your state for more options, but I would also suggest you visit with your banker to see if you can afford the payments and can refinance the mortgage.