Can a co-owner of a 2-family legally force the other owners to re-finance with a cashout option?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can a co-owner of a 2-family legally force the other owners to re-finance with a cashout option?
I have been a co-owner of the 2 family home with my brother and sister-in-law we reside in for 35 years. I need to tap into my portion of the equity i have accrued over the years. They won’t sign the documents necessary for me to get the funds. Do I have any legal recourse to circumvent their unwillingness to cooperate.
Asked on October 28, 2019 under Real Estate Law, Massachusetts
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
No, you cannot make them refinance. No one can make another incur or guaranty debt or encumber their property interest without the other person's consent. You could file a legal action called an action "for partition" to get a court order forcing the sale of the property: that is the law's remedy for when the several owners of property cannot agree as to what to do with it. After the property is sold, the costs of the sale and the mortgage will be paid off, then the remainder divided among the owners. But that is your only option that does not require their consent.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.