QUESTION

A friend and I purchased a condo to use as an investment property and we decided to split the expenses 50/50. He lost his job and can't pay his half?

Asked on Jun 10th, 2011 on Real Estate - Georgia
More details to this question:
We are both listed on the mortgage loan. We both split the down payment 50/50. We both used our personal finances to furnish the condo. We had been splitting the costs on the bills 50/50 and any rental income that we received, would be used to pay bills or divided equally. He got laid off from his job about 2 years ago and that same year he got sick and had to have surgery. While he was recovering from surgery, I paid 100% of the bills and handled all condo responsibilities. He has now since recovered from surgery and is working part-time. I've pressed him to get a full-time job so that he can pay back his share of past bills that I covered and also pay his regular monthly responsibilities. The amount he owes is currently less than the small claims. He has started paying me about 30% of his share of the bills and the amount that he owes me continues to grow. I would like to know the best way to force him to pay what he owes or get him off of the mortgage so that I am sole owner
Report Abuse

1 ANSWER

Business Law Attorney serving Atlanta, GA at Stout Kaiser LLC
Update Your Profile
Your options are either to reach an agreement with him or sue him in Court.  A possible agreement would be for you to buy out his interest in the property.  What is his share of the property worth less what he owes you for the property maintenance?  He can then convey the condo to you.  You probably will not be able to get him off of the mortgage until you refinance the property.
Answered on Apr 05th, 2012 at 2:07 PM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters