Legal Question in Real Estate Law in Florida

Re: two party mortgage

The other option is to ask a court to partition the property. The Court will order a sale and distribute the proceeds to each party if requested.

The profit is going to be the market price less all encumbrances, and the market doesn't look great right now.

But it is an option. The other option is to get the son out and get a new tenant and raise the rent.

Hope this helps. Elizabeth Powell

Re: two party mortgage

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

If the parties cannot agree among themselves, then your only option is to file a suit to partition the property where the court will be asked to divide it. Since it is a single family home, the court will generally give either party an opportunity to buyout the other. If this cannot be accomplished, then the party will be placed for sale on the open market and sold to a third party with the proceeds split after all costs are deducted including your court costs and possibly attorney fees for bringing the action.

Scott R. Jay, Esq.