Moving on - please help

[scottincarolina]

What is the name of your state? North Carolina

I have two questions. You can skip the intro and go straight to the questions at the bottom if you like...

I bought a house about 4 years ago with a friend. We have both lived there and invested an approximately equal amount of money. WE ARE BOTH ON THE TITLE BUT THE LOAN IS COMPLETELY IN MY NAME. Unfortunately (I am 25, he is 40) I had no idea what a mess this would be. I found out he had major financial problems and bad credit, while I was the opposite. Due to him missing payments, taking loans, hiding things (financial problems) from me, and almost getting a lien put against the house, he has damaged my previously good credit. I have decided I need to disentangle myself from this situation asap and sell it. So my two questions are:

1) Do I have any leverage (as to how the equity gets divided) since the loan is completely in my name, even though we are both (two unmarried individuals) on the title?

2) Do I deserve more money in closing than he does due to the fact that my credit has been damaged directly by him?

Thanks!!
Scott

[Ohiogal]

The answer to your questions is that NO you do not deserve more money legally. And it is not HIS fault that your credit is damaged. You signed for the mortgaged and legally you were the one responsible for the payments. The fact that you chose to not make payments caused your credit to be damaged.

[nextwife]

Originally Posted by Ohiogal

The answer to your questions is that NO you do not deserve more money legally. And it is not HIS fault that your credit is damaged. You signed for the mortgaged and legally you were the one responsible for the payments. The fact that you chose to not make payments caused your credit to be damaged.

Exactly. Who forced you to leave the mortgage payments in someone elses hands?

[acmb05]

Originally Posted by Ohiogal

The answer to your questions is that NO you do not deserve more money legally. And it is not HIS fault that your credit is damaged. You signed for the mortgaged and legally you were the one responsible for the payments. The fact that you chose to not make payments caused your credit to be damaged.

Although I agree she is not legally entitled to more money from the sale of the house, she also may have trouble selling if friend does not want to sell. Since they are both on the title he would have to either agree to sell or she would have to file a partition suit and just sell her half.