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ESTAPLACE.COM REAL ESTATE - FREE LISTING SERVICE -
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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Fri, 11 Mar 2005 21:25:22 -0500
/ Author of the message: bonomi@host122.r-bonomi.com (Robert Bonomi) |
Title of the message: |
Re: What if co-tenant can no longer pay mortgage?
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Text of the message: |
In article <ptev2114qh2dmkh21efhf9k0iqkjjh8mpe@4ax.com>, <nymphetamine@mail.com> wrote: >I am trying to prevent a possible situation when two individuals >purchase a house and one of them cant or wont continue to pay their >share of the mortgage. > >Are there any contracts that could prevent this (tenancy in common, two >separate mortages, etc) and are there any legal means to remedy it? > >The goal is to avoid being forced to sell the house, and allow the one >who continues to pay to become the sole owner. > This is a *messy* subject. There are two separate issues involved. 1) the ownership interest in whatever equity there is in the property. 2) the mortgage lender action on any change in ownership. A contract between the two individuals, providing that one individual may _involuntarily_ buy out the other one in the event of failure to make |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.