Buyer

[lilliepad]

What is the name of your state (only U.S. law)? Arkansas I signed a loan with my son and daugher in law and they will not make the payments I am having to and they wont pay the property tax or insurance. I was told that I cannot sell this property without their signatures since it is in "and" for all 3 of us. Is there anything I can do to get out of this or to get them to pay or sell it to me?

 

[Zigner]

Buy them out of their share of the property...

 

[lilliepad]

they will not sell

 

[Zigner]

they will not sell

Then offer to sell them your portion of the property.

Either way, I bet it's not that they won't sell. Rather, you just haven't found their price point yet.

 

[Zigner]

Another option would be to simply stop paying for the property.

 

[swalsh411]

So you're making the payments and once it's paid off it's joint ownership? Sounds like a sweet deal. (for them)

 

[lilliepad]

buyer

I am asking is there a law in regards to this or if anything legally can be done.

 

[Zigner]

I am asking is there a law in regards to this or if anything legally can be done.

Sure there is - see my prior posts.

Beyond that, this matter would be covered by the agreement (written) that you have with your co-owners.

 

[Mass_Shyster]

The legal recourse is to file a petition to partition. In short, you ask the court to auction off the property and the proceeds are divided among the owners.

I can't say about Arkansas, but the partitions I'm aware of took years to complete and netted very little if anything after the legal fees were done.

As others have said, you can simply stop paying and let the bank foreclose. Or stop paying the taxes and let the town/city/county take the property for unpaid taxes.

Another remedy is to file for bankruptcy and have the bankruptcy court discharge your obligation for the loan.

 

[lilliepad]

buyer

So you're making the payments and once it's paid off it's joint ownership? Sounds like a sweet deal. (for them)

yes it is a sweet deal especially with me having to make all the payments but I am going to try and stop that sweetness going on!

 

[Zigner]

yes it is a sweet deal especially with me having to make all the payments but I am going to try and stop that sweetness going on!

Slow down there - what did your written agreement state would happen with regard to payments?

 

[lilliepad]

buyer

The legal recourse is to file a petition to partition. In short, you ask the court to auction off the property and the proceeds are divided among the owners.

I can't say about Arkansas, but the partitions I'm aware of took years to complete and netted very little if anything after the legal fees were done.

As others have said, you can simply stop paying and let the bank foreclose. Or stop paying the taxes and let the town/city/county take the property for unpaid taxes.

Another remedy is to file for bankruptcy and have the bankruptcy court discharge your obligation for the loan.

If one party in this agreement files bankruptcy will the other two be responsible for the loan as well or will it be completely discharged and can the bank come after me for the money