OK, forget the part about "lessons learned" from co-buying a house with a BF/GF without a contingency plan. Once one party decides that it's not working out, and they want OUT of this relationship as well as the mortgage, what can they do? Especially if the other person is NOT interested in making the split, period. If the people are NOT married, have never represented themselves as such, what can be done to initiate this process? How can the one who wants out, get out without losing his shirt?
2007-02-08 05:36:05 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Unfortunately unless one of you can afford to buy out the other person's share of the house, you're probably going to have to sell it. Even if one person were able to afford the mortgage payments, it wouldn't be fair to the party moving out since they would lose the equity they put into the house. I'm going on the assumption that both your names are on the deed.
Hopefully the two of you can cooperate enough to put your house on the market, get it sold, and split the proceeds. The person who wants to stay in the relationship (and the house) needs to realize that if things go to court, that's probably what's going to be ordered anyway, and you'll just be out time, grief, & legal fees to arrive at the same outcome.
2007-02-08 05:49:53 · answer #1 · answered by Hamlette 6 · 0⤊ 0⤋
You're both on the mortgage. To get off the mortgage, a new mortgage must be done. Either the party staying with the house re-finances in their name only - does cash out to pay you your equity. Or the two of you sell the house and split the proceeds.
If they won't, or can't refi, then you won't get off the loan and will be held responsible for it.
2007-02-08 05:43:12 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
Call your mortgage company. They will tell you their procedure. One of you has to buy the other out or you have to sell the house. You can walk away and wait for the house to be sold for whatever reason and then demand some money to sign off on the deed. You really need to consult an attorney.
2007-02-08 05:43:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I had my ex flow in to be the nanny so i could desire to artwork. We slept around the corner to eachother. Now I actually have a house with a basement suite and he lives down there. Roomates. Make a time table in case you do no longer choose to be around eachother. you are able to the two come across a pair of nights a week to stay someplace else or a minimum of be out till bedtime, so which you supplies you eachother some area. in case you have 2 loos the only situation you're sharing is the kitchen.
2016-11-02 21:50:41 · answer #4 · answered by ? 4 · 0⤊ 0⤋
if you are both on the mtg then you are both liable for paying it. if one wants out and just doesnt pay their share of the payments, its left up to the other. the mtg co doesnt care if you split, they want their money. the one left with the home can get the other to sign a quit claim deed over to them and they can keep the home alone. if they just leave and dont pay, unfortunately its up to the other to pay it. you can take the other person to court for it, but thats about it.
2007-02-08 05:40:25 · answer #5 · answered by Queen B 6 · 0⤊ 0⤋
just sell it and split the money...easiest thing to do...
2007-02-08 05:50:47 · answer #6 · answered by Johnny A 5 · 0⤊ 0⤋