Re: joint mortgage

You can force a sale of the property through an action in partition. Obviously, reasonable but efficient efforts to resolve the problem amicably should be endeavored first. There are certainly ways to overcome a "partner's" objections to arrange a resolution.

Let me know if we can be of further assistance.

Re: joint mortgage

Unless you can reach a compromise with your partner, you'd have to start a court action to "partition" the property, meaning to have it legally divided -- usually by a sale and division of proceeds. Another possible legal action is to ask the court to appoint a receiver to collect the rents.

The better and less costly solution is to reach a settlement.

Re: joint mortgage

Your problem has three parts: (1) a business partnership (whether or not you have a written partnership agreement, it sounds as though you meet the criteria of a partnership); (2) joint ownership of real estate; and (3) joint liability on a loan used to buy the property.

I just obtained a settlement in such a situation where a small apartment building was co-owned by three partners. The majority got no cooperation from the minority owner. After negotiations failed, we filed a partition suit. The filing of the suit and an associated 'lis pendens' convinced the other side to negotiate. The property was then listed and sold at a profit.

So, if negotiations fail, you can initiate a partition action. In all probability this will make a recalcitrant partner more willing to come to the bargaining table.

The successful partition ends the co-ownership and (assuming positive equity) pays off the loan. From there, dissolution and wind-up of the partnership is straightforward.

Always conclude such matters by obtaining a full release.