Legal Question in Real Estate Law in Oregon
Getting a Co-Borrower Mortgage to Sell
I am currently a co-borrower on a mortgage loan. The relationship has ending but the other borrower is using the situation as a barganing tool. Is there a way to force the selling of the property so we can pay off the mortgage and go out separate ways?
1 Answer from Attorneys
Re: Getting a Co-Borrower Mortgage to Sell
Assuming that you are also an owner in the property, the way to "force" a sale is to file a lawsuit for partition of the property. This is not a decision to be taken lightly, but is the only way to get out of a partnership owning real property if you and your partner cannot reach agreement.
I recommend that unmarried couples who decide to purchase real property enter into a written partnership agreement before they purchase the property. It is always easier to be fair about things like splitting the property while you are still friends. It becomes much more difficult(and expensive) if these things are not decided up front.
Dissolution of a real estate partnership is not a "do-it-yourself" project. You need to consult with an attorney to examine all your options.
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