Legal Question in Real Estate Law in New York

Re: removal of name and financial responsibility co-owner

Dear Reader:

In examining this response, please note that we are not entering into an attorney/client relationship, that this is to be taken as informative, and not as legal advice, that it is always best to speak to a lawyer in your area and/or in the area where the transaction and/or events occurred, and that my answer is necessarily limited by the fact that I have not seen the documentation or had an opportunity to go over the matters with you in detail.

You have not described the legal nature of the co-ownership, or how it got that way, so my answer is limited. Your best opportunity is to try to make a deal with the other side; failing that, you may have other options available to you, such as selling your part of it, if legally possible, or perhaps a forced sale of the entire property. Your options will depend on the exact legal nature of the ownership.

As I mentioned before, this is something that you will want to take up with a lawyer of your own selection, either in your state or area or in a place where some of the pertinent events occurred.

Rod Kovel

Attorney at Law

516-312-9900

Re: removal of name and financial responsibility co-owner

You do not describe how ownership is held. Tenants in common allows you to sell your interest to a third party, who can take over responsibility for your mortgage payments, but does not relieve you from ultimate responsibility to the mortgage holder if there is a default. This assums there are no restrictions on your transferring your ownership interest. Alternatively, you can try to make a deal with the other owner, but this may also not relieve you from responsibility in the event of default. You may also consider a legal action for partition of the property, which might enable you to cause a sale of the property or compel the other owner to purchase your interest. I suggest retaining a local attorney conversant with real estate matters to assist you and advise of other possible alternatives.