If one co-tenant leaves and stop paying for property how can the other tenant get title?

Full Question:

Two persons bought an apartment in Miami, florida, they took a joint mortgage. One leaves and stop paying their share. The other person stas in apartment and keeps paying the mortage by herself for several years. Can she get the defulting person out of the property Tittle?
04/22/2017   |   Category: Real Property   |   State: Florida   |   #36115

Answer:

About the only way to get title would be a conveyance from the co-tenant to you. Since you have made all of the payments you may have a claim for 1/2 from the co-tenant but the co-tenant may claim a setoff for the rental value that may or may not be allowed. To come up with a price you might try:

Market Value
Less Mortgage
Less 1/2 of Principal payments made on the mortgage
Less 1/2 of any taxes or maintenance paid

This would mean you paid the full payment on the mortgage but only get credit for the principal.

If you do not have the money to buy the co-tenant out you might try to refinance as part of the purchase from the co-tenant.