All Forum Posts by: Account Closed

@Tom Gimer thanks for sharing you insight. Hard won lessons are lessons not quickly forgotten.  I’m he future I will definitely have a written agreement and a exit strategy before I go into any deal!

Wow...! Thank all of you for getting back to me concerning this situation. looking at the comments it sounds like basically I am at his mercy to get out of this deal.  Lesson learned. I believe I will get him to commit to a written agreement to proceed with going forward. Somthing that has some terms and consequences.

@Brandon Raeburn What is a partition?

 Bare with me I am very new to this community. So before I found bigger pocket i entered into a deal with a friend.  His credit would not allow him to get financing so I cosigned for a 25% position in the property.  Because we are friend we did not commit this agreement or any terms to paper. It has been a littler over a year and he has already been 30 days late one time. Ive since notified the lender to inform me of missed payments in the future ASAP. So now I am on red alert in case I need to set in in to protect my credit. Obviously in the deal he is responsible for the monthly payments and we have one other side benefit for me, I get the tax benefits from the mortgage interest. Since entering the deal he has been giving me less and less feeling of confidence in him has a business partner.

So this is my situation.

 My question is in 2 parts:

1.  How can I get out of this deal?

2. If my partner has a late payment again can I leverage the entire property from him?