Boy, Girl Co-Own -- Relationship Ends. Now What?

[J. A. Owens]

Girlfriend buys a house, gets into financial trouble, meets me, I eventually move in. Because I'm paying half of everything, we refinance to put my name on the title, also. A year and a half goes by, things end, and I move out. She assumes 100% financial responsibility. I agree that all I want is my name off of the house - no equity. The problem is that she doesn't want to refinance for two reasons. 1. Her credit stinks, and 2. the current interest rates stink. What are my legal options? Can I bring a petition action against her to get my name off, and if so, what are speculated costs, time frame, and odds for success? Please advise, thanks!

 

[Tracey]

You can remove your name from the title to the house, but the bank isn't going to let you out of the financing agreement unless she refinances alone. Your options are: 1) leave things as they are & hope she pays the mortgage. Make sure the bank has your address and instructions to contact you immediately if payments are late/missed. You should also probably check with the bank occasionally. 2) File a court petition to partition the house by sale. The court will force a sale of the house and divide the proceeds up between you according to how much you've paid into the house. This will be expensive and take a while. 3) Move back in. You're on the title & have an absolute right to live in the house & even move your new gf in whenever you acquire one. This at least saves you rent. Also, ex may decide that it's worth refinancing to get you out.

If she offers to buy you out, make sure you have a real estate attorney & use an escrow/title company -- they'll make sure all the taxes are paid and you get paid in full before taking your name off the deed.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.

[This message has been edited by Tracey (edited June 20, 2000).]

 

[J. A. Owens]

Tracey, thanks for the feedback!