Abandonment CO-Owner Left to be a hermit.

C

Chris Taylor

New Member
Jurisdiction
Washington
Sounds like a joke but it is not. So what happened is me and my best friend at the time decided that we wanted to buy a house .. so we did and 4 years into a mortgage - he quit his job and left to in the words of the goodbye email .. went into the desert to live like a nomad .. so here it is two years later and I just want to remove him from the mortgage and move on.. I have had renters in the basement for 1 1/2 (his old area) no income from my nomadic friend of course.
 
You will need to contact the lender & talk to them since it was a joint loan originally.
 
Chris Taylor said:
Sounds like a joke but it is not. So what happened is me and my best friend at the time decided that we wanted to buy a house .. so we did and 4 years into a mortgage - he quit his job and left to in the words of the goodbye email .. went into the desert to live like a nomad .. so here it is two years later and I just want to remove him from the mortgage and move on.. I have had renters in the basement for 1 1/2 (his old area) no income from my nomadic friend of course.
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You will most likely be required to partition the property (court ordered sale and the assets split equally between you and the other party) with you getting to pocket your money and walk away.

Of course, the lien holder gets its cut before you and he get yours!

The court will likely hold his funds in escrow, or in trust and if he fails to claim his cut within the statutorily permitted time, the funds will eventually escheat (or excheat) to the state.

Escheat: is a common law doctrine which transfers the property of a person who dies without heirs to the crown or state. It serves to ensure that property is not left in "limbo" without recognized ownership.

Excheat refers to the right of the state, the government, or the sovereign (monarch) to acquire title to property for which no owner can be located.
Why?
The law abhors things without a finite end, or a defined solution.
 
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