Splitting up... Mortgage question!!

[MishMe]

What is the name of your state? PA

Hi
I hope someone can help me here....
Me and boyfriend are breaking up. We bought a house 3 yrs ago. We each put down 10% of the sale price towards a down payment and the mortgage is in both of our names. What am I legally entitled to here? As of now I am only asking for my 10% equity back and he is giving me a hard time about that. Am I able to force him to sell the house? How do I get my name removed from the mortgage? I have be unsuccessful finding any information on the subject on the Internet.... If anyone has any advice or suggestions I would greatly appreciate it.

Thanks

[George1620]

Originally Posted by MishMe

What is the name of your state? PA

Hi
I hope someone can help me here....
Me and boyfriend are breaking up. We bought a house 3 yrs ago. We each put down 10% of the sale price towards a down payment and the mortgage is in both of our names. What am I legally entitled to here? As of now I am only asking for my 10% equity back and he is giving me a hard time about that. Am I able to force him to sell the house? How do I get my name removed from the mortgage? I have be unsuccessful finding any information on the subject on the Internet.... If anyone has any advice or suggestions I would greatly appreciate it.

Thanks

Take him to court request either the ten percent back if hes going to keep the house or get the house back and pay him the 10 percent if he doesnt want it.

[dallas702]

You gotta be kidding. 3 years is worth some kind of increased equity. You should get your 10% PLUS 1/2 the equity in the house as it is appraised now. If the house cost you 100k, and you both put down 10K, and the house is now worth 150K, you have $35,000 coming to you. He can pay you cash for the value (buy you out), or you both can sell the house and split the proceeds. I would take a cash out based on a professional appraisal so not to lose 1/2 of all the selling expenses.

Does that sound a little better than 10%?

He may have to refinance the house to get you off the mortgage, but that shouldn't be a problem....except that his income might not be sufficient without yours added to it. The rates are good, though. He could also get a home equity loan and use that to buy you out.

You can get a rough idea of the current value from any real estate broker. If you tell them you are thinking of selling they will do a market analysis and get pretty close. A professional appraisal will cost $300-400. You'll want to use your "windfall" to buy another property if you can. Home ownership is one of the keys to creating real wealth for your future.

[AnneME98]

MishMe--
I'd be interested in hearing how this all pans out. I bought a house with my bf in February here in FL because the market was getting insane and I, of course, thought we'd be together forever. Well, last month, he got a job offer across the country and I ended up staying here. Things aren't working out as planned but I still want to keep the house. We had an arrangement but now that the relationship is over, he is determined to get what he thinks he is entitled to...even though we have only paid 2 months toward the mortgage (one of which I paid in full because he was moving and didn't have cash). Does a paper trail of who has paid help or is it all about whose name is on the mortgage? Doesn't this whole situation just stink?