[loganstreet]

Hi! I co-own a property with a very close friend. Both of our names is on deed. Only my name is on the mortgage. He rented out the properties and collect rents. Now for 7 months based on the bank, they have not received payments. There are renters in the properties that he is still collecting rent from. He moved out from the house. I have been trying to reach him in vain. He's been avoiding me. My credit record is now suffering has a result for this. Now I want to take his name the deed, but how to you get someone that is running away from you get the appropriete signature on the right document? Also if I were to surrender the deed to the bank so that to avoid foreclosure, will I be able to do so since my co-owner is running away from me?

Thanks

[rockinmommy]

I realize hind-sight is 20/20 and all of that... but it's VERY unwise to be the only name on a mortgage when there is someone else's name on the property. THIS situation is the EXACT reason (among others) why you shouldn't do that.

Unless he voluntarily signs is over, I don't know of any legal way to get him off.

I would contact a real estate attorney and see what rights you have to somehow get the tenants to pay rent to you. You might have to sue the co-owner and get a judge to rule that the rents should be paid directly to you in order for you to pay the mortgage with that money. There may be other remedies. If you have renters in there I think this may be able to be salvedged, but you need some hands-on legal help, in my opinion.

[Fr_Chuck]

Yes, since they 1/2 of the property, you may very well have to buy his share out from him.

YOu may be able to sue him for your share of the rent moneys and his share of the mortgage payments.

Have you contacted the renters to have them start paying you the rent ?