Boyfriend and I bought home together. Now splitting. Need advice.

[TyCa]

I bought a house in California with my boyfriend just over a year ago. We're splitting. He put up his car as collateral on a 17k loan for a down payment on the home. He now doesn't have a job because he got fired, and according to him if we split I owe him $10k... I MAY be able to afford the mortgage on my own if I can refinance and get a lower payment perhaps? What do I do? What are my options?

 

[Zigner]

What US state?

 

[TyCa]

What US state?

California

 

[Zigner]

How is title held, specifically.

 

[TyCa]

How is title held, specifically.

I am unsure what you mean. Pardon my complete lack of knowledge, obviously. His name as well as my name are both on the title...

 

[Zigner]

I am unsure what you mean. Pardon my complete lack of knowledge, obviously. His name as well as my name are both on the title...

The deed will say something like "TyCa and TheGuy, as tenants in common" (or whatever).

 

[justalayman]

first you both need to understand that (presumably) you were both grantees on the deed. If true, you both remain co-owners until one of you sign a deed transferring their share to another party.

Warning; do not relinquish your share unless you are also release of your obligation to the mortgage loan. He should not relinquish his share unless he is released from his obligation to the mortgage loan either. Transferring your interest in the property does not relieve you of your obligation to the mortgage loan.


Until the property is split, neither of you realistically owe the other anything.

It sounds like you may have trouble refinancing the mortgage loan in your name only. If true, it’s likely the best action may be to sell the property and settle the financial disparity issues then.

 

[xylene]

Bluntly, you needed a legal agreement which considered the contingencies before you purchased property together without being married.

You definitely need one now.

Further bluntness - you may be mad at your ex, but it is possible, depending on the number crunching that a 10 grand payout might be a great deal for you. That's reall not a lot of money for a house in California.

You need legal help to make sure you are getting a good deal and a permanent solution which gets him out of your life.

 

[LdiJ]

Bluntly, you needed a legal agreement which considered the contingencies before you purchased property together without being married.

You definitely need one now.

Further bluntness - you may be mad at your ex, but it is possible, depending on the number crunching that a 10 grand payout might be a great deal for you. That's reall not a lot of money for a house in California.

You need legal help to make sure you are getting a good deal and a permanent solution which gets him out of your life.

They have only owned it a little bit over a year. I suspect that it has little to no equity as a result. It may possibly have some appreciation, but it won't be much.

 

[Zigner]

They have only owned it a little bit over a year. I suspect that it has little to no equity as a result. It may possibly have some appreciation, but it won't be much.

FYI - in CA - my house appreciated about $20k in the past 10 months. If the OP pays $10k now, the future appreciation is all hers. Sounds like a good deal to me.

Of course, doing this would almost certainly trigger the due on sale clause in the mortgage agreement - definitely something to consider.

 

[LdiJ]

FYI - in CA - my house appreciated about $20k in the past 10 months. If the OP pays $10k now, the future appreciation is all hers. Sounds like a good deal to me.

Of course, doing this would almost certainly trigger the due on sale clause in the mortgage agreement - definitely something to consider.

They are both on the mortgage so I don't see how that could trigger the due on sale clause.

 

[Zigner]

They are both on the mortgage so I don't see how that could trigger the due on sale clause.

Noted.

 

[xylene]

The ex-bf is not even expecting 60% of his share of his modest downpayment portion.

10k is not a lot of money to settle a property dispute.

 

[PayrollHRGuy]

I MAY be able to afford the mortgage on my own if I can refinance and get a lower payment perhaps? What do I do? What are my options?

You seem to really have two problems here. #1 that everyone has replied to and #2 you may not be able to afford the house without your BF.

The single answer to both is sell the house.

 

[TyCa]

You seem to really have two problems here. #1 that everyone has replied to and #2 you may not be able to afford the house without your BF.

The single answer to both is sell the house.

He adamantly refuses to consider selling it.