Legal Question in Real Estate Law in Maryland
real estate
I have a mortgage contract with another person that we signed,but there is no written agreement between us. the other party decided to move out,and stop paying their part of the mortgage. Can i force the party to pay,what is my recourse?
1 Answer from Attorneys
Re: real estate
If you are unable to maintain the property by yourself, you would have to file a suit known as a partition action against the other person, in which you would ask the court to order the property sold and the proceeds divided taking into account your extra costs generated by his/her departure. If you can maintain the property, you should try and negotiate a buyout of the other party's interest. The most important thing is to get them to deed the property over to you so you can control it. Then you can sell it, refinance it, bring in another investor, etc.