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  #1  
Old 05-16-2008, 04:38 PM
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Join Date: May 2008
Posts: 2

ex girlfriend returns and wants half of home


What is the name of your state? New York
Approximately 10 years ago, I purchased a home jointly with my girlfriend. I paid the full down payment $10,000.00 and she promised she would pay me back half ($5,00.00, which never happened). Our agreement was to split all costs right down the middle, mortgage, insurance, taxes, utilities, etc.,.Which we did for approximately seven years. During this time I put approximately $60,000.00 dollars of my own money into the home for improvements and upgrades. Three years ago she leaves me and gives me two weeks notice. I have maintained the home since she left entirely by myself, making all mortgage and tax payments by myself. When she left she said if I ever sold the home she would want something, not much and certainly not half because that wouldn't be fair. I recently contacted her to find out how much she would accept to be bought out since interest rates are so low, and I'd like to re-finance and have her removed from deed and mortgage. She then went to an attorney and filed a partition action and is demanding $80,000.00. The house was purchased for $135,000, minus the $10,000 downpayment, $125,000 was mortgaged. I still owe $112,000 and the re-finance company just had it appraised for $265,000. Does she have to make good on her half of the mortgage and taxes since she's been gone? She's claiming she just owes half of the principal, which is only like ten dollars a month.
This is my math, is it wrong?
265,000 appraised value minus
112,000 still owed equals
153,000 of equity, divided by two, equals
76,500 minus (36 months (time shes been gone) X $675 for her half of the mortgage and taxes = $24,300) equals
52,200 minus
5,000 her half of the down payment, equals
47,200
Thanks for your time, RUD III
  #2  
Old 05-16-2008, 04:44 PM
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The real estate will be sold on the courthouse steps and you will split the proceeds (if any).

You will be able to bid on the house if you want to buy it.

I have no way of knowing if the judge will agree with your math.
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  #3  
Old 05-16-2008, 08:18 PM
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Join Date: Dec 2005
Location: Ohio
Posts: 31,781
I am guessing the judge wont' agree. They will split the equity completely down the middle.
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Parents should remember three things: Love your kids more than you hate your ex (or soon to be ex) & when you have children the relationship with the other parent is until death parts you & how you treat your children determines what type of nursing home you end up in.


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  #4  
Old 05-16-2008, 08:54 PM
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Join Date: May 2008
Posts: 2
I don't know why I'm having such a hard time accepting this. It appears anyone can go in "halfies" on a property, skip out on thier share of the mortgage, return years later to force the sale of the property, and walk away with half the equity.
  #5  
Old 05-16-2008, 09:45 PM
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Join Date: May 2004
Posts: 41,405
Quote:
Originally Posted by RUD III View Post
I don't know why I'm having such a hard time accepting this. It appears anyone can go in "halfies" on a property, skip out on thier share of the mortgage, return years later to force the sale of the property, and walk away with half the equity.
Unfortunately, if you were not married, that is absolutely the truth. You are two unrelated separate people who have equal legal ownership in a property. The fact that you chose to spend more on the property than she did over time, is legally irrelevant unless you had a contract in place addressing that.

Its time to negotiate. It really stinks but you should have addressed the property ownership when you split up. In all reality though, with the housing market the way that it is now, you might actually be better off than you would have been three years ago.
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