Legal Question in Real Estate Law in California
investment partner threatening foreclosure
Myself and investment partner have a property together,he is on the loan(only),He added me to title ,but I have not yet had it recorded with title company.Anyway I have 10 grand tied up in renovations,he has about 10 grand tied up in mortgage payments,we were going to split all profits 50/50 after expenses were paid.Now after renovations were completed we listed the house with my sister who has 20 years exp.She told us to list the house between 384,000 and 389,000,he disregarded any advice from her,the house was listed @ 397,000,sat on market that way for about 4 weeks.Now 4 months later the house is still not sold priced @ 379,000,hes running out of money,threatening me with letting the house forclose,communication broke down,all I get from him emails that are very incriminating,they contain nothing but vulgar langauge,anger and rage.Im sure I can take some sort of recourse,I just dont know what.Thank You in advance for any information.
2 Answers from Attorneys
Re: investment partner threatening foreclosure
I recently handled a similar case. Unless there is a reason not specified in your post, title should be recorded to reflect your ownership interest. I believe under the circumstances mediation can be helpful to prevent unnecessary cost and expense a lawsuit.
Re: investment partner threatening foreclosure
What is the monthly carrying cost, inclusive of mortgage, taxes, HOAs, etc.? Letting the house sit on the market for 3 or 4 months longer just to get an extra $5k doesn't make financial sense. Discuss that with your real estate agent, especially in light of the breakdown between you and your partner.
Also, how are you assured, legally, to get any money when the house sells?
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
