Co-owner problems

[mainiac74]

What is the name of your state? Maine

Purchased home with friend. Friend handled the financing part I handled the picking of the house. Friend did not want to put my husband or myself on loan b/c of previous bankruptcy. That was the friend's decision - we actually wanted to be on it. So the outcome was Friend is the ONLY one on mortgage and both Friend and I are on title. Friend moved from another state and basically became a problem from the get go. Rules got changed, didn't want to pay half of anything, didn't want to work blah blah. Friend decided to go back to other state since situation was NOT working. Friend had put a down payment on the house. We agreed to pay that back in 2 months providing a loan with decent interest could be gotten. In 2 months I attempted to get this loan and was told 12% interest. We couldn't afford that - called friend and they agreed to give us another year. Friend had become emotionally unstable and was when living with us. In Feb of this year I contacted friend and asked if they would deduct taxes and interest paid on property from amount of down payment. This was accepted. Received letter from friend a month later stating that only 700 was deducted off. I know that this is not true and wrote to tell them this. They then admitted that they had taken the full amount but that it didn't really help b/c they were not working. The full amount was half of what we owe. They then stated they wanted the full amount and were upset I was always trying to change the deal. Do you think that since the original agreement was that we would pay the full amount back that that will have to be honored? or will the letters - all of which I've kept will play a role? I'm upset at this point that we would have to pay the full amount back plus this friend be able to take the money from last year off plus all of this year would make this person be getting a total that is almost 3x the amount agreed to pay back. Friend does keep writing me demanding money and threatening legal action, however, friend had agreed upon waiting another year until we could get good interest rate. I just received letter that friend will wait, but I think realized really no choice. Friend has not paid anything on house at all, except half of one months mortgage. No money did friend put into house at all, no bills were paid by friend nothing. Please give me some feedback.

[HomeGuru]

Originally Posted by mainiac74

What is the name of your state? Maine

Purchased home with friend. Friend handled the financing part I handled the picking of the house. Friend did not want to put my husband or myself on loan b/c of previous bankruptcy. That was the friend's decision - we actually wanted to be on it. So the outcome was Friend is the ONLY one on mortgage and both Friend and I are on title. Friend moved from another state and basically became a problem from the get go. Rules got changed, didn't want to pay half of anything, didn't want to work blah blah. Friend decided to go back to other state since situation was NOT working. Friend had put a down payment on the house. We agreed to pay that back in 2 months providing a loan with decent interest could be gotten. In 2 months I attempted to get this loan and was told 12% interest. We couldn't afford that - called friend and they agreed to give us another year. Friend had become emotionally unstable and was when living with us. In Feb of this year I contacted friend and asked if they would deduct taxes and interest paid on property from amount of down payment. This was accepted. Received letter from friend a month later stating that only 700 was deducted off. I know that this is not true and wrote to tell them this. They then admitted that they had taken the full amount but that it didn't really help b/c they were not working. The full amount was half of what we owe. They then stated they wanted the full amount and were upset I was always trying to change the deal. Do you think that since the original agreement was that we would pay the full amount back that that will have to be honored? or will the letters - all of which I've kept will play a role? I'm upset at this point that we would have to pay the full amount back plus this friend be able to take the money from last year off plus all of this year would make this person be getting a total that is almost 3x the amount agreed to pay back. Friend does keep writing me demanding money and threatening legal action, however, friend had agreed upon waiting another year until we could get good interest rate. I just received letter that friend will wait, but I think realized really no choice. Friend has not paid anything on house at all, except half of one months mortgage. No money did friend put into house at all, no bills were paid by friend nothing. Please give me some feedback.

**A: sell the property via a partition sale.