How can I legally get out of a mortgage loan for a house that I own with 3 other people?

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How can I legally get out of a mortgage loan for a house that I own with 3 other people?

I don’t live there anymore and cannot afford the mortgage payments. The house is worth less that what we owe and we have no equity. They cannot afford to buy me out. What other options do I have?

Asked on October 21, 2010 under Real Estate Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

There is no legal way to get out of the mortgage, other than *possibly* by declaring bankruptcy. The problem is, the bank doesn't have to care, under the law, about whether you still live there; or can afford the payments; or are underwater on the equity. You signed a committment to pay. If you simply stop paying your share, your coowners could potentially sue your for your contribution.

In bankrutpcy, it *may* be possible for you to get out of paying, but it will complicated by the fact that this is a co-owner situation. You should contact a bankruptcy attorney immediately to explore you options and see if this is something that would in fact help you. Good luck.


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