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secshop2004 · Joined: 05 Apr 2009 Posts: 7 4.02 Dollars($)

I co-own house with one other person. We are both listed on mortage and deed. She is no longer paying her half of the mortgage and causing us to go into forclosure. The mortgage company basically told me they do not care where the money comes from, they just want their money.

Do I have any other than to pay the full amount?

Some issues clouding this up a bit:
I have a mortgage on another house.
The amount owed is more than the house is worth (within ~20K)
I make enough money that I can cover it for a few months, but not long.
She has a tenant and is collecting more than enough rent, but feels she doesn't need to pay rent. I told her she owns half the house and she is on mortgage, she needs to. She refuses.

Just to get out of this horrible situation, I offered to sign the house/mortgage over to her, but she won't be able to get the full loan b/c of her credit and income.
I offered deed in lieu of forclosure, she won't agree to try and sell.

I am afraid the mortgage company is going to come after me and my assets (the other house) if she continues to not pay or if we short sell.

I've talked with the mortgage company and they are unwilling to help. The only thing I get from them is more info about how since we are both on the mortgage, we are both liable, even if she is the one not paying.

Help, please!?
thanks,
Jen

smithsussane · Posted: Tue Mar 23, 2010 7:56 pm Post subject:

Hi secshop!

Welcome to forums!

If a portion of the mortgage balance is not paid, then the lender has the rights to foreclose the property. You will have to pay the mortgage in full if you wish to save it from being foreclosed upon by the lender. You can buy out the co-owner of the property and ask her to transfer the property to you. Then you can refinance the loan at a lower interest rate in your name and keep on paying the dues. This will help you in saving the property.

Feel free to ask if you've further queries.

Sussane

secshop2004 · Joined: 05 Apr 2009 Posts: 7 4.02 Dollars($)

Hi,
Thank you for your reply. Unfortunately, I do not want to own the property at all. I would like to sell - the co-owner if refusing to sell. I've offered to GIVE her the house and remove my name of the mortgage, but she would not be able to get a loan.
If we do a deed in lieu or a shortsale, and the house sells for less than what is owed, will they go after my other assets (such as my vacation home).
I do not feel I should be paying the full mortgage when our agreement was for 50/50 and she is collecting rent from her tenants.
Thanks,
Jen

Niicss · Posted: Fri Mar 26, 2010 3:28 am Post subject:

If you go for a deed in lieu, the lender will forgive the deficient balance resulting due to the deed in lieu of foreclosure of the property. However, it will lower your credit score by 250 points. As the deficient balance is forgiven, the lender will not be able to come after your assets. However, in case of a short sale, you would be liable for the deficient balance but your score would get reduced by 80-100 points. If you are unable to pay the deficient balance, the lender would be able to come after your assets.

Guest

I pay more than my co owner on a mortgage can i claim ownership on the percent I pay?

jameshogg · Posted: Thu Jan 12, 2012 12:22 am Post subject:

Hi Jack,

If you have your name mentioned on the property deed, then you will be able to claim ownership of that property.

Thanks

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What to do when co-owner refused to pay 1/2 of mortgage?!

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