Legal Question in Real Estate Law in Maryland

If your friend won't agree to buy you out, your only recourse would be an expensive and time consuming suit known as a partition action. In such a suit you ask the court to appoint a trustee to sell the property. Unless you made a significant down payment, you probably won't be able to recover enough after expenses to pay off the mortgage, since you only just bought the property. Unfortunately, even if your friend agrees to be responsible for the mortgage payments and perhaps take in a renter to help to do so, your name will remain on the mortgage, which will encumber your ability to borrow in the future. And of course if he defaults or falls behind on the mortgage in that scenario, it will hurt your credit rating since you're a co-borrower. If your friend has the resources to reimburse you for your settlement money, and if can carry the mortgage on his own, your best course of action is to let him buy you out for that amount and deed your interest over to him. You'll still be exposed on the mortgage as explained above, unless he is able to refinance in his own name.

You may file an action with the Circuit Court asking that the property be Partitioned. That will result in it being sold or have him buy you out.