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Multiple Owners in New Jersey

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A

Amanda

Guest
Please....can you help us?
My husband & I purchased a 2 family home with another couple a few years ago,which we have all lived in. Now the other couple is getting divorced. Problem: Ever since the wife moved out with their child the husband has become unbearable. (I won't even get into that part). Our major concern is that he gives us a hard time every month when we need to send in the mortgage and we can't send our half in without theirs. He is consistently late every month and we know this is effecting our credit but can do nothing about it. We are afraid he will soon stop paying all together. Our house almost went into foreclosure once because of this but I have maintained a good relationship with the mortgage company and expl'd our situation. We obviously, can no longer share the property with this person and have obtained legal advice. We offered to buy him out which the wife was open to but he refused and as his credit has gotten recently worse, he can't buy us out. Our lawyer said that everything fringes on the divorce and the house will most likely have to be sold. This situation has been dragging on for a year now because everytime they have a court date, he never shows up. Frustrated, we looked into petitioning the court however, we can't afford it. Please, is there any advice you could give us or ideas that we haven't thought of yet? I am still friends with his wife and have been forwarding late notices etc. from the bank to her and her lawyer. We are all in agreement except for the husband and we are worried that if we all have to sell the house together, he will sabatodge potential sales or ask for a rediculously high price. We are desperate as the stress of this situation is now starting to effect our marriage. We sincerely "appreciate" any help you can give us.
 


L

LorettaL

Guest
My best advice is petition the court to partition the property. If granted, the court will order that the property be sold and the profits divided amongst the parties. To make sure that the property is offered at a reasonable price I would pay an appraiser to give you a good reading of its value or have a realtor conduct a market analysis of its value to ensure that the property is offered at a price that is fair and will also move.
 

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