Q: Legal Options for Co-ownership of mortgaged property.
Myself, brother, and his best friend decided to buy a house together. My brothers best friend obtained a VA loan and he bought a house. We agreed to share all costs in purchasing house and share ownership. However we have closed on the house and paid the first month mortgage and he is now claiming he will not honor co-ownership until the loan has been paid off completely. I have all of the written communications between the three of us leading up to the purchase, but do I have any legal routes that I can take. Thank you.
A:
If I understand that person who actually bought the house is the person who was eligible for a VA loan and then that person used the proceeds of that loan to buy the house. THe other two attempted to enter into some side deal that would give you ownership of the house. I assume that no one took the trouble to go to an attorney and attempt to draft some document that would secure the ownership interest in the house in you and your brother. Now, based on e mails and other things between the three of you, you want to show that a contract exists that obligates him to agree that you two own the house with him and have other obligations. Do you have a writing that evidences a contract?
You are learning the hard way that doing this up front is the way this has to be done. At best, you might be able to convince a Circuit judge that he agreed to buy the house with a note an mortgage in his name, and then agree that you two would contribute to the mortgage payments and own an interest in the house.
The final hang-up here is this -- and pay attention to this -- if the VA mortgage forbids any such arrangement or if there is some regulation that keeps you from doing this you might be in a position where you cannot enter into such an agreement no matter what the three of you want to do. Next time, call an attorney first.
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