I have a bit of a problem, and was wondering if any of you good folk here could help me out???
I have a joint venture loan(3 ppl-equal share) on an IP. We have had the property for approx 4 years, and in that time, 1 of the 3 has not been making his repayments on a reglar basis.
At least 4 times I have had to pay thousands extra to stop the bank foreclosing on the property, all because of this person!
And as we all know, with a joint venture, if one doesnt pay…you all pay in bad credit and fees!!!
My question is…what are my options to either force this person to pay their share, or to remove them from title and and mortgage for breach of contract etc?
The banking Ombudsman tells me a private contract between the 3 parties is the best way to go. What do you think?Jim
You cannot normall force them to sell their share to you, or the sale of the whole thing. Do you have a joint purchaser’s agreement?
You probably need to speak to a soliticor, you may need are court order to force them to sell.
What about talking to ther person and trying to convince them to get out?
Terryw
Discover Home Loans
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I don’t know about the legal procedures, but I would try to get rid of this person.
Either buy his share yourself, or divide it between all 3 of you.I think you will need professional help for this one.
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