I own a house with a sibling, the house is being done up to rent out and now I cannot pay my half?

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I own a house with a sibling, the house is being done up to rent out and now I cannot pay my half?
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I own a house with a sibling, the house is being done up to rent out and now I cannot pay my half?

of the mortgage any more. My sibling refuses to buy me out and wants to continue with the renovation which I cannot afford either. We don't speak and fell out a year ago. This cannot be resolved. What can I do?
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I think we hold it as Joint Tenants, our respective partners are owners too.

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Whitney_A_Hitler

Your sibling will have to pay it or loose the house.

laughter_every_day

Some of the consequences will depend on the nature of the title. Whether it is owned as joint tenants or tenants in common. However, if the mortgage is not paid, then the lender will foreclose.

SugarBear

You need some good legal advice. It's possible, depending on how the deed is held, that you may be able to sell your interest in the house to an outside party. Probably not the best way to settle a family dispute but it could effectively force your sibling to renegotiate the deal with you.

C

You must sell the house then. Either your sibling buys you out or the house has to be sold (if it is in both of your names). If the house is NOT in your name at all then you can just walk away and not pay a dime but they dont have to buy you out.

You need to explain to him you cant afford the mortgage so you cant afford to renovate either. And that either he buys you out, pays your part of the rent and you will pay whatever you can, or he sells the house and splits the sale price with you.

phirephly

Have you tried selling your share to someone else who may not have a problem with the set up? Just a thought.

AngelR

Well your stuck if your in a contract

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