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Can I walk away from a co owned property?
Over 3 years ago my friend and I purchased an investment property in CA to resale. At this point I can no longer afford my half of the payments and need to forfeit my investment. I have offered her my half of the deposit if she wants to continue with the investment and she can have full control of the property. She is not happy with that prospect. We do not have a written agreement, both our names are on the deed and the loan is in her name only. I have been making my half of the mortgage payments to her. I will no longer be able to make payments, what legal rights will she have against me?
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Since your name is on the deed and you she can prove you were making the mortgage payments, even though there is no written agreement, it can probably be implied that you had a partnership with her. Therefore, she can sue you to keep up with your end of the investment. I assume that selling the property now will result in a loss. If you are willing to walk away and forfeit everything you have paid, I think that's a good deal for her. You will need to sign a quit claim deed deeding the property to her alone. |
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