Joint Mortgage/Selling Home

[lvfnchs]

What is the name of your state? CT

Hello. I have a joint mortgage. If the house were to sell, what would be the distribution of profit? One party put down the entire down payment on the house and there is no agreement in place. Would any monies above the loan amount be split 50/50, or would the party who put down the whole down payment get it? Thank you very much.

 

[HomeGuru]

What is the name of your state? CT

Hello. I have a joint mortgage. If the house were to sell, what would be the distribution of profit? One party put down the entire down payment on the house and there is no agreement in place. Would any monies above the loan amount be split 50/50, or would the party who put down the whole down payment get it? Thank you very much.

**A: subject to negotiation.

 

[lvfnchs]

Thank you. What are some ways that he could get all or most of the money? We are tenants in common if that helps. We've made equal payments towards the mortgage; I have paid utilities... would he have to sue me or would we have to go to court to decide this? What is the usual procedure?

 

[HomeGuru]

It would be a division of equity ie. how much each individual contributed towards the property via downpayment, mortgage payments, and payments for insurance, real property taxes, repair and maint. etc. And any income received, if any.