I co-signed on a mortgage with a friend. Now, he has fallen behind on his payments. Can I take over the property?
It depends on whether you are on the title of the property. If you are listed on the title, you can bring a partition action to get the property divided between owners. If there are only 2 owners, then one will get the title and the other will get an equity interest in the property. That equity value is the market value of their percentage of ownership in the property less any liens. So, you can get the title and your friend ends up with a percentage interest. That way you can control the mortgage payments and not worry about losing the property. A real estate legal expert in your area would be able to tell you if this is an appropriate action in your situation.
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