Selling with multiple mortgage holders

[irishindian65]

What is the name of your state? massachusetts,what can we do when there are 4 people on a mortgage and 3 wants to sell but the 4th won't sign the purchase and sales agreement.

[Indiana Filer]

Originally Posted by irishindian65

What is the name of your state? massachusetts,what can we do when there are 4 people on a mortgage and 3 wants to sell but the 4th won't sign the purchase and sales agreement.

The three people who want to sell file a petition to partition the property so that a judge orders the property sold. Be prepared to spend several thousand dollars and several years.

[danno6925]

Tell the 4th party s/he has 2 options here:

1) Sign the damned contract and shut his/her mouth about it - they're getting paid! The RE bubble is REAPIDLY deflating. If you're in an investment proprety, it's time to get out and run like hell.

2) buy everyone else out of the property at current market value. You still get out and can run like hell and s/he gets to keep the property.

I wouldn't bother to mention the partition suit option to party #4, since that's the most advantageous position for the one who's holding out. Could take years and tons of money to get it resolved.

[BelizeBreeze]

BOTH OF YOU re-read the post.

[danno6925]

Beleze - No opinion of your own? Just "re-read the post"? Take your signature into account and say what you mean.\

Boooo