I have joint ownership with another party on land. We pay half each. The other party is having difficulty paying.

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I have joint ownership with another party on land. We pay half each. The other party is having difficulty paying.

Marilyn Gerry
Home Owner
Chatsworth, CA

We do not want our credit hurt because of the other party's situation. We have 40 years of excellent credit. What can we do to protect ourselves?

1 responses | Replies

Flag Question | Posted: Feb 26, 2009 at 1:00 PM | Login To Subscribe

Michael Wolff
Broker
Encino, CA

Other than paying for it yourselves, nothing. You both signed on the loan and both agreed to the terms and responsibility.

If they cannot pay and you cant cover the entire payment your options are:

1. Refinance them off and (hopefully) into a lower payment loan. (Probably not possible if its raw land).

2. Sell.

I can help you with both of these, I am a licensed and active Broker here in Encino.

Michael Wolff

Feb 26, 2009 at 1:14 PM | Flag

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