What to do - one owner on loans, another not.

[funder]

What is the name of your state? MI

My daughter hooked up with a boyfriend a dozen years ago and bought a house for $6,000. It was a burned out shell and the bf had big plans to work on the (duplex)house, sell it for a killing, become a millionaire, etc. He is very street smart, my daughter the opposite. I do understand she is at fault for going along with all this, but if I had an idea of where this will go it might help. My daughter has only us (parents). She and the b.f. broke off shortly after they bought the house. They began working on the house and she moved into the 1/2 of the house and the rest remained unfinished. It was an eyesore and I'm not sure why it was never comdemned. The neighborhood gave me the creeps. The ex b.f. lived on the premises on his employer and never lived in the house.

Much $$ was borrowed on my daughter's name. All in guise of fixing up the house. I do not know where the money went except for other schemes. He could not get credit because of previous bad payments and used my daughter's spotless record. She went along. :-( She became ill after a couple of years, lost her job, found another. Work on the house came to a standstill while he twiddled on "other projects." Ten years went by. My daughter became financially strapped and took out a second mortgage to "consolidate" the debts piled up. I begged her not to do that, knowing the house would be tied up for more than it was worth. She has two mortgages for about what the house is worth. He always exclaimed it was worth twice the real value.

Ex b.f. left town one year ago. Before he left, he put on siding and a roof. I found out that money was borrowed. My husband finished up the house with the help of our daughter. The ex b.f. is on the title of the house, however, is not signed on either loan. He went bankrupt just before leaving town, but never declared his ownership in the house.

My daughter wants out of this. She can't afford to keep it up. She is working two jobs and has tried. He paid 1/2 of the first mortgage up until he left town. That was $137.50 a month. She has not received any money from him. She put the house up for sale, with no bites after 90 days. She also has the other side of duplex for rent. I've asked her over the years to go see an attorney to sort this out. She does not want to file bankruptcy. She won't be able to sell the house without ex b.f. signing off. He wants $20,000 or something. There will be nothing left after the house is sold. Luckily, it will be a wash. I told my daughter to tell the ex b.f. that she is ready to walk away from it all. He is a weasel and works on construction. Sad to say, my daughter is not very smart, to put it nicely. Any advice on what her options may be? Please don't tell me to mind my business. My daughter is alone and working herself to death and also has serious health issues. Thanks.

[BelizeBreeze]

Tell her to file partition and be done with it.

[HomeGuru]

I concur**************.

[JETX]

I also agree.

partition
n. a lawsuit which one co-owner of real property can file to get a court order requiring the sale of the property and division of the profits, or division of the land between the co-owners, which is often a practical impossibility. Normally, a partition order provides for an appraisal of the total property, which sets the price for one of the parties to buy out the other's half. Partition cases are common when co-owners differ on whether to sell, keep or divide the property.

[funder]

MI
All said partition. That's good. One person elaborated a bit on what a partition was. I have also heard partition of bankruptcy. Is that what you're referring to?

Or is a partition something to get him off the title? A little more info would be appreciated.

[JETX]

Originally Posted by funder

MI
All said partition. That's good. One person elaborated a bit on what a partition was. I have also heard partition of bankruptcy. Is that what you're referring to?

Or is a partition something to get him off the title? A little more info would be appreciated.

Did you even READ my post giving the definition of a partition lawsuit??
If you did and didn't understand it, you need an attorney.
If you didn't, do so.

Bottom line... she needs to get an attorney to file a partition lawsuit against her ex. The court will then hold a hearing on the matter and, as noted in my post, will likely order the property sold with the proceeds split as stipulated in the order.

[nextwife]

Also, this is a slow period for RE sales, so she should be certain to price competitively if she wants it sold!

[BelizeBreeze]

Originally Posted by JETX

Did you even READ my post giving the definition of a partition lawsuit??
If you did and didn't understand it, you need an attorney.
If you didn't, do so.

Bottom line... she needs to get an attorney to file a partition lawsuit against her ex. The court will then hold a hearing on the matter and, as noted in my post, will likely order the property sold with the proceeds split as stipulated in the order.

ahhhhh Jet, could you repeat that.....

I wasn't paying attention

[funder]

Thank you for the more extensive answer(s). I did read the answers, but (really) am visually impaired and sometimes miss things.

[HomeGuru]

read slowly**************