B
BJK
Guest
I rented a house and property in 1979 in Illinois. After years of living there the landlord decided to sell me the property. So in 1994 I purchased the property with my live in girl friend. She lived with me several years prior to the purchase. We were unmarried parents of one child at the time at the time of the purchase. You already know where this is going.
I put $125,000.00 down of my own money and began hefty monthly payments. From the partnership standpoint we had no written agreement and our verbal discussions included some expectation that I would be paying the bulk with some help from her. However the total amount she provided for mortgage payments equalled about 45 days of mortgage. I maintained the investment for around 4 years.
I finally hit the wall where I could no longer maintain the mortgage and was put into foreclosure. At this point her only goal was to get out and did nothing to help the cause whatsoever. I fought foreclosure for almost 8 months and successfully filed chapter 13 bankruptcy about an hour before losing my property. Through bankruptcy (to which she did not file) I was able to sell the property and realize some profit. From the sale, I was able to receive enough money to pay the bank, the attorney, and the real-estate agents. As part of the terms of the sale I also partially financed the buyers. So at the closing she was there to collect a check for her 'half' of the proceeds. Then she allowed me to keep the monthly payments received as long as I provided child support (agreed support, not court ordered).
Now the buyers have decided to pay off the mortgage in full. This required her signature which she provided along with instructions to issue two checks since under general real estate law she is entitled to half of the proceeds.
The results are that she has been given a total of approx. $84,000.00 and had invested a total of $3,500.00 for mortgage payments (outperforming Hilliary I believe). I invested approx. $275,000.00 and received roughly the same amount minus various expenses.
Without any document to the contrary, the law apparently says that proceeds are simply divided equally between the two partners. Yet it is clear that there is a major imbalance in the results of this transaction and that is just being fair and not hostile. The sale was in 2000, the completion is now in 2002.
What might be my recourses other than winning the "Love is blind" award, and is there a statute of limitation on your suggestions?
I put $125,000.00 down of my own money and began hefty monthly payments. From the partnership standpoint we had no written agreement and our verbal discussions included some expectation that I would be paying the bulk with some help from her. However the total amount she provided for mortgage payments equalled about 45 days of mortgage. I maintained the investment for around 4 years.
I finally hit the wall where I could no longer maintain the mortgage and was put into foreclosure. At this point her only goal was to get out and did nothing to help the cause whatsoever. I fought foreclosure for almost 8 months and successfully filed chapter 13 bankruptcy about an hour before losing my property. Through bankruptcy (to which she did not file) I was able to sell the property and realize some profit. From the sale, I was able to receive enough money to pay the bank, the attorney, and the real-estate agents. As part of the terms of the sale I also partially financed the buyers. So at the closing she was there to collect a check for her 'half' of the proceeds. Then she allowed me to keep the monthly payments received as long as I provided child support (agreed support, not court ordered).
Now the buyers have decided to pay off the mortgage in full. This required her signature which she provided along with instructions to issue two checks since under general real estate law she is entitled to half of the proceeds.
The results are that she has been given a total of approx. $84,000.00 and had invested a total of $3,500.00 for mortgage payments (outperforming Hilliary I believe). I invested approx. $275,000.00 and received roughly the same amount minus various expenses.
Without any document to the contrary, the law apparently says that proceeds are simply divided equally between the two partners. Yet it is clear that there is a major imbalance in the results of this transaction and that is just being fair and not hostile. The sale was in 2000, the completion is now in 2002.
What might be my recourses other than winning the "Love is blind" award, and is there a statute of limitation on your suggestions?