Legal Question in Real Estate Law in Oregon

What do you mean it is a loss? It cannot be a loss, unless you owe money on a mortgage. So I assume you mean that the mortgage is bigger than the value of the house. If he wants out of the deal, you should ask him to pay off the difference between his share of the mortgage minus his share of the value of the house. Say the remaining mortgage balance is $210,000 and the house is worth $150,000 and his share is 1/3. He should pay you $70,000 minus $50,000, which equals $20,000.

Do you own the house with him in joint tenancy or tenancy in common? If joint tenancy, you will automatically own all of the house when he dies. If tenance in common, then his heirs will own his share of the house when he dies, along with his share of the mortgage.