Legal Question in Real Estate Law in Minnesota
Can the bank remove a dead beat off the mortgage
My husband and a friend of his owned a few properties in Mn. His friend after meeting and dating a resident in the nursing home he worked, went to live with her and walked away from the properties leaving my husband holding the bag. I and my husband tried to keep up but were not successful. He told his friend he needs to help but he wanted my husband to let the properties go. I have been payin with my husband and I am not on the mortgage. All three homes went into forclosure. We did manage to make arrangements to the bank and bring one current and this is where we currently live. Now, this supposed friend is wanting $10,000 to walk away and he has not paid one dime. I have been paying for everything. Even paying all of the mortgage when my husband had difficulty. We informed the bank that he has walked away and has paid nothing. I also sent him a letter requesting that he own up to his responsibilities regarding the mortgages. He signed a promissary note with my husband and has not fullfilled his end of the deal. He has a lawyer call my husband. He made a lot of false accusations. We have proof he has not paid in over a year. Can I sue him for monies that I have paid toward the home? Can he be removed from the mortgage? Help
2 Answers from Attorneys
Re: Can the bank remove a dead beat off the mortgage
Your husband can sue for collection of the promissory note (assuming that it is enforceable). I assume that the "friend" and your husband own the remaining house as tenants in common. If so, he may also be able to sue to collect disproportionate payments. The way to involuntarily remove a person as a tenant in common is by a partition action.
You've described a complicated and only partial set of facts. Your husband needs to meet with a lawyer and discuss the facts in detail and review all relevant documents. Then all options and probabilities of success can be discussed.
Please e-mail me directly if you have further questions.
Re: Can the bank remove a dead beat off the mortgage
This sounds as though your husband has a real mess. I would expect that the way out of it would be to bring what is called a partition action, asking the Court to determine the value of the properties and splitting them up on a fair basis. But some of the things you put in your message -- such as, "he signed a promissory note" -- might change how a person looked at it. As far as the bank taking someone off a mortgage, there is probably no incentive for the bank to do so and even if the bank did so I don't know that it helps your husband's position, which is that he needs to unwind this "partnership" with his friend.
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