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Joint ownership of property. How bad can it be?

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1st_time_buyer

Junior Member
What is the name of your state?
New York

Hello everybody! Here is the story. Me and my ex-boyfriend purchased a townhouse together. I am the only one, who is on the mortgage- but we both are on the deed. We separated few months ago and a $1500 mortgage is way too much I can afford by myself ( before we were paying 50-50). I want to get rid of the house, but apparently can not sell it without giving him his 50% of the cost. The only one question I have in mind now...how the hell I will be able to pay off the entire mortgage after selling the house and giving him his 50%. Am I stuck here???

Any advice will be kindly appreciated!!!
 


BelizeBreeze

Senior Member
who in the hell told you that you will be stuck for his ahsre of the 50% ?

Yes, it's a pain, but the mortgage company will have to be paid and THEN he will get 50% of the proceeds.

Go see a real estate attorney about filing partition.
 

HomeGuru

Senior Member
1st_time_buyer said:
What is the name of your state?
New York

Hello everybody! Here is the story. Me and my ex-boyfriend purchased a townhouse together. I am the only one, who is on the mortgage- but we both are on the deed. We separated few months ago and a $1500 mortgage is way too much I can afford by myself ( before we were paying 50-50). I want to get rid of the house, but apparently can not sell it without giving him his 50% of the cost. The only one question I have in mind now...how the hell I will be able to pay off the entire mortgage after selling the house and giving him his 50%. Am I stuck here???

Any advice will be kindly appreciated!!!

**A: yes you are stuck unless you follow Breezy's advice.
 

1st_time_buyer

Junior Member
BelizeBreeze said:
who in the hell told you that you will be stuck for his ahsre of the 50% ?

Yes, it's a pain, but the mortgage company will have to be paid and THEN he will get 50% of the proceeds.

Go see a real estate attorney about filing partition.

OK. As you say the mortgage company will have to be paid first. I assume I am the one who will have to pay the mortgage company. From what monetary source do I pay his 50% after I pay the entire mortgage?? My own pocket? Thats my question. Very confusing...
 

HomeGuru

Senior Member
1st_time_buyer said:
OK. As you say the mortgage company will have to be paid first. I assume I am the one who will have to pay the mortgage company. From what monetary source do I pay his 50% after I pay the entire mortgage?? My own pocket? Thats my question. Very confusing...


**A: Breezy, set this person straight and this time use simple words and stick figures.
 

BelizeBreeze

Senior Member
1st_time_buyer said:
OK. As you say the mortgage company will have to be paid first. I assume I am the one who will have to pay the mortgage company. From what monetary source do I pay his 50% after I pay the entire mortgage?? My own pocket? Thats my question. Very confusing...
No, the mortgage company won't sign off on the deed transfer until they are paid.

Now, is the light shinning?

Yes, he can cause you all kinds of problems. But if you file partition then it's up to the court to assess ownership equity and that will most likely be the mortgage company gets paid and then you split the rest.

OR, you can offer to pay him 50% of the equity value and refinance to give it to him. If there is no equity value in the home then you still have to offer him something before he signs off unless he's a total idiot.

So, you think it's about time to see a real estate attorney?
 

1st_time_buyer

Junior Member
BelizeBreeze said:
No, the mortgage company won't sign off on the deed transfer until they are paid.

Now, is the light shinning?

Yes, he can cause you all kinds of problems. But if you file partition then it's up to the court to assess ownership equity and that will most likely be the mortgage company gets paid and then you split the rest.

OR, you can offer to pay him 50% of the equity value and refinance to give it to him. If there is no equity value in the home then you still have to offer him something before he signs off unless he's a total idiot.

So, you think it's about time to see a real estate attorney?

I think not only me but others will aprreciate if you explain what is partition? (sorry I have never dealt with any kind of law) Another thing - can you explain to me what is goin to happen if he doesnt give his consent to sell?
 

1st_time_buyer

Junior Member
1st_time_buyer said:
I think not only me but others will aprreciate if you explain what is partition? (sorry I have never dealt with any kind of law) Another thing - can you explain to me what is goin to happen if he doesnt give his consent to sell?
its soo time to see an attorney...any idea how much will it cost me at all? :eek:
 

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