Legal Question in Real Estate Law in Oregon
co-owned home (resubmit)
My question submitted 4/20/09 was answered by Atty. Dan Meeks.
He advised me to resubmit if the co-owners name in on the deed. IT IS.
Original: I am age 84. I purchased a house in OREGON for $260,000. I paid $85,000 down. Another man co-signed to help me get the mortgage loan. He paid $0. I agreed verbally to let him live in the house and we have shared the monthly mortgage payment for (2) yrs. The loan balance is $162,000. I can no longer pay my share. I need to sell. He will not move out or buy my down payment share of the house, nor will he agree to sell for less than $300,000, because our agreement says ''when sold, profits will be equally shared''. I made a foolish mistake. I now live in another state. I desperately need
my down payment money.
What action can I take?
1 Answer from Attorneys
Re: co-owned home (resubmit)
It sounds like you have some kind of written or oral agreement with this man. You need to have an attorney review your agreement to ascertain your rights. As a co-owner, you may have to file a partition lawsuit against the other man to split out your individual interests. At your age, there may also be some elder financial abuse implicated.
You need to contact an attorney in Oregon for further assistance, both to review whatever agreement you have and to help determine a proper course to take. The sooner you do this, the better, since if the mortgage payments are not made, eventually, the lender will foreclose on the house.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
