Do u own part of a property if your name is on the title even though u havent made any payments for the loans?

Question

if u file a law suit to take someone off the title of a property what are the chances that judge will make u
sell the property and divide the proceeds? I purchase a home with my cousin and her husband two yrs ago neither me or them are on the loan(a friend took out the loan for us). we had agreed that i would pay 65% of the house payments and they would pay 35%. after about a 1 1/2 yrs they decided to stop making the payments and moved out. i was stuck with the house payments so i have been paying them for about 1/2 a yr by myself, i didnt want to loose the house. now i want them off the title but they refuse to sign the deed. im just worried that if i file a law suit against them the judge will make us sell the house and divide the proceeds. even though they havent been paying for it.

Answer 1

Tread very carefully. You are essentially describing mort. fraud.

Answer 2

That's very possible that you'd have to buy them out, either by giving them some money or by selling the house and splitting the money. If they are on the title, then they do have partial ownership.

You say in your question that after about 1-1/2 years they quit making payments, but also say they haven't made any payments - which is it? If they did make payments for awhile, a judge would almost certainly give them something from the value of the house.

Answer 3

It would be best if you talk to an attorney in your state because the law changes from state to state.

I hope you have all this in writing, if not you have a problem.

I would probably file a declaration of rights suit to determine ownership since they are not making payments, make sure you can document each payment you have made. You maybe able to recover your payments if the property brings enough.

Good Luck,

Answer 4

Make sure you have all your ducks in a row. you'll probably have to show documentation to prove the amounts each of you have been paying, etc. i hope you had a written agreement showing how much each party was paying. that will help lots.