Joint tenants dispute

[Anon43]

I bought a home in CA with a friend 2 years ago and we took title as joint tenants. We are both on the home loan. I now live in another state and want nothing to do with the home or this person. All I know is the payments are being made. What can I do? I paid mortgage for the first few months, now he pays the entire mortgage. What are my rights? Am I building equity without paying or living there? Can I sell my share, what is my share? Can I force it to be sold?

Thanks alot to anyone with any advice!

 

[HomeGuru]

You need to talk to a real estate attorney about filing a partition lawsuit.

 

[cclovins]

On the flip side: If your only paid a few months then it will most likly be considered rent. To file a partition you well spend around $3,000 do you have more then this in it? And you did say 3 years ago. If he's been paying mostly you may end up with alot legal bills. I KNOW.

 

[Anon43]

What is a partition lawsuit?

 

[HomeGuru]

I bought a home in CA with a friend 2 years ago and we took title as joint tenants. We are both on the home loan. I now live in another state and want nothing to do with the home or this person. All I know is the payments are being made. What can I do?
**A: contact the person and have him refinance to take you off title and the mortgage loan.
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I paid mortgage for the first few months, now he pays the entire mortgage. What are my rights? Am I building equity without paying or living there? Can I sell my share, what is my share?
**A: due to the joint tenancy ownership, you are legally a 50% owner.
He can file a claim to reduce your 50% interest due to the fact that you have made basically no equitable contributions to the property. The property may be building up equity but it can be argued that your 50% of said equity may not totally belong to you.
You can sell your share but the only likely Buyer would be the other joint tenant.
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Can I force it to be sold?

Thanks alot to anyone with any advice!

**A: a forced sale would be via partition. Search this website using that word.

 

[willshunt]

If, in fact, you've taken title as "joint tenants," you own 50% of the asset and that 50% may be sold at any time. You therefore do not need a partition lawsuit. I believe Home Guru was refering to "joint tenancy with right of survivorship"--in which case you have a 50% stake in the entire asset but that asset must be sold as a whole. A "partition" would then be necessary.

The next issue is home equity. Assuming your ex-friend has been making the mortgage payments, he/she will likely demand reimbursement for your share of the loan. You may then argue that since you have not lived there, you're entitled to a credit for 50% of the property's "rental value." Bottom line: Sell.

 

[HomeGuru]

If, in fact, you've taken title as "joint tenants," you own 50% of the asset and that 50% may be sold at any time. You therefore do not need a partition lawsuit. I believe Home Guru was refering to "joint tenancy with right of survivorship"--in which case you have a 50% stake in the entire asset but that asset must be sold as a whole. A "partition" would then be necessary.

The next issue is home equity. Assuming your ex-friend has been making the mortgage payments, he/she will likely demand reimbursement for your share of the loan. You may then argue that since you have not lived there, you're entitled to a credit for 50% of the property's "rental value." Bottom line: Sell.

**A: once again, your posts are misleading and confusing.
1. property held as joint tenants mean the exact same thing as joint tenancy with rights of survivorship.
2. who would buy an undivided 50% interest in the subject property? Especially when it appears there are problems with property ownership.
3. You state; bottom line: Sell. If no one will buy 50% interest and the other owner will not agree to sell, the only way to sell would be via Court order based on partition litigation. In which case there must be Court adjudication to sell the property.