How do I get out of a mortgage that I share with two other people?

I own property with 2 other people. We have no written contract, etc., but just equally pay the mortgage. Two of us now want to sell the property, but one person refuses to. Do we have any legal remedies?


Thanks!How do I get out of a mortgage that I share with two other people?
If all three names are on the title and deed, you have pretty much painted yourself into a corner. All three are equally liable for the mortgage and any one can stop the sale of the property. You can try to go to court and get a forced-sale order, which may be your only out in this situation. See a good real estate lawyer who will lay out your rights and the next steps.How do I get out of a mortgage that I share with two other people?
you most likely have no legal remedy, but not to say that its impossible. As they say a check is considered a contract. If you and your friend who is not on the mortgage can demonstrate that you have paid as much of the mortgage as your friend, you may have a case.





I'd suggest speaking with a lawyer and putting together a decent argument and convincing him to put the house on the market. taking him to court over something like this probably is not worth the hassle.
You say you have no written contract - do you mean with each other? If there is a mortgage on the property with all three names, that is a legally binding contract. Also, in some states and circumstances, an oral agreement, especially one that has been adhered to in good faith for a period of time, can be legally binding. Therefore, everyone who says contact a lawyer is on the right track.





However, the name(s) on the mortgage are very important. If it's all three of you or a business owned by all three of you, you're stuck with each other, regardless of any agreement you may or may not have.
Your best bet is to talk to a lawyer. If you give him/her all the details of the arrangement, he/she can tell you where you stand and what you can do about it. The fee should be minimal or even nothing.
With no legal contract I doubt it. I would recommend asking an attorney in your state. Your state may have a law about paying the mortgage bill (with paper proof).
Somebody's name is on the Title and Mortgage or Note. Whoever that person is has the legal right to do whatever they want with the property.
Get a lawyer. If all three names are on the mortgage, have the 3rd person buy out your equity. Good luck with that.
talk to the third party about possible refinancing. they may or may not go for this. if they don't get a lawyer.

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