Hi I was curious about the what can be done if you just bought a house and have joint mortgage but are no longer going to be with the person you bought it for. The money is supposed to come from me, the money for the down payment was mostly from me. I was curiuos what are my legal rights to the house? The 1st monthly payment is alomst due and i don't know what to do please help!
2007-09-05 15:25:23 · 3 answers · asked by Mike H 1 in Business & Finance ➔ Renting & Real Estate
You are both jointly obligated for the loan regardless of what has changed in your personal arrangement. The only way to legally put the mortgage into one name is to have that person apply for a refinance in their name only and do a Quit Claim Deed at closing to remove the other person. The original down payment and equity issues will need to be worked out among yourselves.
2007-09-05 15:37:34 · answer #1 · answered by Mortgagemom 3 · 1⤊ 0⤋
You need to consult with a real estate attorney about your options.
There are only two options: Selling or refinancing and since the mortgage is new, you most likely cannot refinance at this time. Banks require a 'seasoning' between mortgages in order to see a payment history.
In order to force a sale, you have to go to court unless the other party is willing to agree to the sale.
Other than that, your legal rights are limited to what you signed at closing...which is paying for the house.
You have learned why I never, ever recommend that people purchase property that are not married....it's not a moral, but a legal issue because the law gives you no rights.
2007-09-06 06:02:46 · answer #2 · answered by Expert8675309 7 · 0⤊ 0⤋
You obviously need better advice than you're able to give yourself.
Your situation seems to be that you made a thirty year commitment to a mortgage on a house you own with someone where the relationship didn't last two months.
See a lawyer before this gets worse than it is, and it's probably already worse than you realize.
2007-09-05 22:54:28 · answer #3 · answered by open4one 7 · 1⤊ 0⤋