Getting out of a contract- mortgage

[zephyr]

Hi

I am half way through paying off a mortgage on a property that is interstate in Australia.

I own 99 percent and a family member owns one percent. We did this as the family member was asked by me 7 years ago when we bought the place to do so as he has good financial sense and would stop any attempt by me to sell it as at the time I intended on living in it and paying it off.


However since then I have changed jobs and moved interstate. I now have a child and her father left so I moved to be closer to family for her sake and my own.

The place has been let out consistently and rent is high. Its had new bathroom and carpets and paint and air conditioning and dishwashers.

Its a fantastic investment.


I have been making all payments and the other owner does not as per agreement.

However my situation has again changed. I need to leave where I am now and wont have help with my child so I will have to give up my job as its shift work and I need a job thats child care friendly.

This means I have to sell up.

I dont know where to start and am not on good terms with the 1% owner who is the cause of this rift.

Do I approach the bank first? The real estate agent who both sold me the property and leases it for me?

Without that I am stuck in a bad situation and need to get away with my child and find stability.

 

[Sadie]

And going to the 1% shareholder is definitely not an option? If that truly is the case I'd say approaching the person that is leasing for you wouldn't be a bad idea first as they have a more intimate working relationship with you. Having said that I'd get a second opinion from the bank. I'm sorry I know nothing of mortgages so being a novice that's exactly what I'd do. We also have citizens advice here in the UK and I'd be hitting them up too.

 

[zephyr]

I could simply stop paying the mortgage and free up money straight away to get the hell out of here and let the mortgage go until the bank seizes it and ruin 1%s credit rating as well but having paid a huge amount up front that would take about 14 months for anything to happen and want to force a disolution now.

I am very angry.

 

[Sadie]

Honestly, speak with them first. Who knows how fast they can expedite things. If they cannot make this process happen faster then perhaps they can offer you an alternative solution even if it is only temporary. I certainly wouldn't stop paying as that could lead to much bigger problems further down the line. Bottom line is they're all about the money and they'll come up with solutions that ensure both parties are as satisfied as possible. Have a word first and if they can't help you find a solution just say that at this juncture non payment would be your only option. They would really rather avoid non payment.

 

[hydroazuanacaine]

the agreement say anything about preventing sale or buyouts? if not, i bet you could force a partition with a lawyer if you, the bank, and the family member cannot work it out. wouldn't be as ideal, but certainly better than stopping payments.

 

[andreamartinez]

Talk to your lawyers. Get a legal advice. There are lawyers who provide free legal advice * SNIP *