Legal Question in Real Estate Law in New Jersey
What are my rights?
My father is a co-signer to a mortgage loan. He wants out. My father proposed a settlement to the primary owner in the amount of $6k. In return, my father would relinquish his rights to the property in writing. To date my father has not received a dime. This has been going on for 4 years. The p/o resides in the home and has been since the purchase of the house. My father resides in Brooklyn, NY.
Should my father seek legal counsel and force p/o to put the property up for sale or maybe have the attorney make another attempt at a settlement offer? But it would be for more than $6k, this time around.
I don't know where to begin. Your help will be greatly appreciated. Would you be able to recommend a real estate attorney?
3 Answers from Attorneys
Re: What are my rights?
your dad definitely needs a lawyer. i would be happy to talk with him, or you, since i have handled this type of case before. feel free to call me at 609 263-0089 for a free consultation. good luck !!
Re: What are my rights?
I stronly suggest you father contact an attorney.
Daniel Clement
212-279-6194
Re: What are my rights?
Your father needs to negotiate not only with the other owner, but also with the mortgage holder. The mortgage holder is the only one with the authority to release your father from his obligations on the note and mortgage.
If your father contributed money toward the purchase of the property and/or toward mortgage payments, the repayment to him of his investment is what he would negotiate with the other owner.
Usually, the easiest way to resolve a situation like this if for the other owner to refinance the property and to use some of the refinance money to pay off the co-owner who is in a position like your father's. However, if the other owner needed a co-signer to get the loan, it is possible that s/he would not qualify for a mortgage on her/his own.
Your father can seek a partition of the property in court, and it may result in a court order to sell the property and divide the net proceeds between the two owners.
Your father should consult with an attorney who has represented clients in similar situations. I practice primarily in South Jersey, but have also represented clients in North Jersey. You may call me for further information.
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