Never married, he only contributed $1,000 toward the downpayment but is not on the mortgage and lived in the house for only a year. Not yet ready to sell, but would like to make improvements to increase value for sale down the road, but don't want my ex to reap the financial benefits. Ex will not walk away...thinks they are entitled to a percentage...Any advice or thoughts?
2007-09-07 16:20:29 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Talk to a lawyer. In this situation, because he is on the title, by law he is entitled to half of that house.
2007-09-07 16:26:46 · answer #1 · answered by *~mama mari~* 3 · 2⤊ 0⤋
Ask a real estate attorney to write a letter. The best place to find one is in a title company. Now while they may charge you for the letter, you will be saving so much at the end of the day! If their name is on the deed you need a quick claim deed written and signed by the ex. I would make an agreement now and not let them think they could go after a portion of the increase in value 5 years or so down the road. Getting their name off the deed is probably going to be worth gold down the road. Good luck!
2007-09-07 16:28:59 · answer #2 · answered by helprhome 5 · 0⤊ 0⤋
Thoughts? Umm ... yeah. Why would you put a boyfriend on title with no obligation for the mortgage after only contributing $1000?
Now the answer, have him sign the quit claim but it does not sound like he wants to do that. (And why would he, he managed to convince you to give him half a house with no obligation to pay, he's not a dummy)
So, you need an attorney real fast. Nothing else is going to work unless he agrees.
Edit: I starred this question so others will hopefully get a glimpse of the stupidity of putting non spouses (in some cases even spouses) on title!
2007-09-07 16:28:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Dispite everything you said about how litlte he did, if he is on title he is entitled. in fact, unless there is something in writing showing differently, he is entitled to an equal share of the proceeds.
But remember, there is what is legal, and what people will agree to.
The only way out of it is to make him an offer so he will voluntarily walk away. For instance, offer him $5,000 in cash (or whatever you think you can come up with and he might go for) if he will sign over his ownership rights.
In fact, one of the best ways to do this is get a Quit Claim Deed already made out, with a notary public handy, and you get $5,000 in cash in your hand (from savings, a personal loan, whatever).
I'd probably tell him that there are problems with him being on the deed but not on the mortgage (true, I'D HAVE A PROBLEM WITH THAT) and to get the title of the property cleared up you need to get his name off the deed. Count the cash very carefully and deliberately on the table and tell him if he signs the document he can walk out with the $5,000 right then and there.
If he doesn't go for it, make a very sad show of putting the cash away, then tell him that. it is going to be very difficult to sell, in fact, with the current mortgage crisis there is a possibility it could go into foreclosure (a true statement, even if it is stretching the status of your mortgage some). If the property goes into foreclosure, he will get nothing, and the IRS will consider the foreclosed loan to be income to all owners (not really true, but work it) so he would be facing a huge tax bill.
If he goes for the $5000 (or whatever you offer) then get him off the title and move on. If he doesn't, he's your partner and you'll have to deal with it.
I wish you well.
2007-09-07 18:29:59 · answer #4 · answered by rlloydevans 4 · 0⤊ 0⤋
It could be expensive if he is on the title . If you can prove he only contributed $1000, you may need to go to court to get a resoulution . Or you can determine what the property is worth and make an offer to buy him out , but that will affect your potential lawsuit.
Consiult a property lawyer .
2007-09-07 16:30:42 · answer #5 · answered by mark 6 · 0⤊ 0⤋
you're the two 50% proprietors. He won't be able to have you ever removed from the identify without your permission. He can actual pass to courtroom and attempt to make a case to have you ever bumped off even with the undeniable fact that. the concern I see right this is the mortgage. you're actually not making money, yet is the mortgage on your call too? through fact whether that's, your credit could be interior the rest room together with his if he stopped making money.
2016-10-18 07:12:04 · answer #6 · answered by ? 4 · 0⤊ 0⤋
You allowed him on the title but he was not on the mortgage ?
What is wrong with that picture ?
That is so out of whack , your only option is to retain a R E attorney .
>
2007-09-07 16:27:05 · answer #7 · answered by kate 7 · 2⤊ 0⤋
Oh, my! To be blunt, even though he's your ex boyfriend, you're still getting screwed by him.
I don't know what an attorney can do for you, but I suggest you consult one.,
2007-09-07 16:29:33 · answer #8 · answered by TedEx 7 · 1⤊ 0⤋
Get a lawyer...this is messy.
2007-09-10 19:54:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋