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Mortgage issues

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Cathyadams

Junior Member
What is the name of your state? Az :confused:
My boyfriend and I have live here ever since I purchased about 7 year ago. because of his credit at the time he very well couldnt be on the loan. About 4 years ago he reorganized his debts and has been dicharged now for about 8 months. About 5 months ago I had to file BK. Stemonf froma son we had 3 years ago who was born very ill and not expected to survive anyways 3 years gone by and he is perfect. However, my boyfriend has been giving me a hard time about some things we need to get done around here. and has pushed on me to sell him the house which paid 83,000.00 and owe 85,000.00
its worth 160,000.00 we need to put in about 30,000.00 . He wants me to sell to him for 130,000.00 and divide the money and then both put in the 15,000.00 each and then I could still be entiled to 1/2 the equity when and if we ? decide to sell. I am very uncomfortable doing this. I keep telling him that what ever choice we make needs to be together or not all all. Of course hes angry and doesnt seem to think I am being fair. I told him I could get refid. and we would have 30,00.00 however the interest a little high but we could do the things we wanted and needed to. of course hes not happy at all.
wHAT IF ANY LEGAL RECOUSE WOULD I HAVE BY SELLING HIM THE HOME?
WOULD i STILL BE ENTILED TO 1/2 . WHATS THE LAWS FOR IF HE DECIDES TO TOSS ME OUT. WHAT WOULD YOU DO??
PLEASE HELP ME.

tHANKS
 


seniorjudge

Senior Member
Get your friend to sign a contract with you to sell the house to him.

Find out how much the house is worth by hiring an appraiser.

Sell it to him for that amount.

He will have to refinance and the old mortgage paid off.

Get a lawyer before you do anything.
 

Cathyadams

Junior Member
Seller blues

Thank you, So would I be stupid to sell it to him for 20 or 30 thousand cheaper and then sink 1/2 of that into repairs? Of course hes looking for a deal. I'm not dumb. what I am afraid of is that one day he will get his horns up and try to put me out . would he have the right to do that and or change the lock and I wont be able to get in if needing to. how well will this letter stick in a court of law.? He said he has trusted me for all these years why dont I trust him. I look at it this way if a relationship is what we have then he should be thinking, together not separate.? right.. Legaly is he entiled to 1/2 the equity now. . hes so mad about me not doing exactly what he wants he said once that he would take me to court for 1/2and go buy a condo or something by himself. :confused:
 
Consult an Atty to protect your interests. It is a "dumb" idea to purchase property with someone with whom you have no legal ties unless you protect yourself in advance.
 

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