I own a condo with another person in Arizona, we are upside down in the property – he says he wants out and walked away,I am now left holding the bag

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I own a condo with another person in Arizona, we are upside down in the property – he says he wants out and walked away,I am now left holding the bag

I asked him today to Quick Claim deed it to me since he wants out – he says no way because he is still on the Mortgage. What legal rights do I have to get this jackass off the paperwork and mortgage or not have him walk back into this deal later on down the road. I want him out completely if possible.

Asked on June 15, 2009 under Real Estate Law, Arizona

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

This is a difficult and all-too-common situation.  You need to talk to an attorney in your area, who can give you reliable advice based on all of the facts of your situation.  One place to find a qualified lawyer is our website, http://attorneypages.com

There are really only two ways to completely get rid of your co-owner, in this situation:  refinance, which is probably impossible, or sell the property.  But there may be some other arrangement that can be reached.  However, if you are worried about this person disappearing, and you can't cover the payments on your own, you might want to sell out while he's still where you and the lender can find him, to share the deficiency judgment.


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