Mortgage question
Guest
Posts: n/a
RE: Mortgage question
As already mentioned you are in a very difficult yet very common situation mate.
You are in a situation that the law calls...
Property in dispute ..( Who own what in a joint venture?)
The quick answers...
Yes she is responsible for the loan as well.
No, you can not make her pay any payments.
Yes they will go after her as well if you do not pay.
No you can not get her off the loan documents without her cooperation.
No you can not sell without her approval.
Yes you can keep paying and she will get half if sold eventually, more than likely, even without paying any more payments.
Your most obvious solutions.
Get her to agree to sign it over to you if the finance company will agree to that?
Get her to cooperate and make half the payments with the view to selling and dividing the proceeds at a later date.
Get her cooperation and sell now to clear the loan.
Keep paying the loan and take your chances when and if she wants to fight for half in court.
Walk away and hand the property to the finance company. ...everyone looses!!!!
all in all, a ****ty situation mate..
Me, I would liquidate the joint asset any way that she will agree too from the above choices...
My only certain advise is not to take this to court...get her cooperation some how.
Do not get agro under any circumstances.... Resolve this peacefully if at all possible mate..
good luck
You are in a situation that the law calls...
Property in dispute ..( Who own what in a joint venture?)
The quick answers...
Yes she is responsible for the loan as well.
No, you can not make her pay any payments.
Yes they will go after her as well if you do not pay.
No you can not get her off the loan documents without her cooperation.
No you can not sell without her approval.
Yes you can keep paying and she will get half if sold eventually, more than likely, even without paying any more payments.
Your most obvious solutions.
Get her to agree to sign it over to you if the finance company will agree to that?
Get her to cooperate and make half the payments with the view to selling and dividing the proceeds at a later date.
Get her cooperation and sell now to clear the loan.
Keep paying the loan and take your chances when and if she wants to fight for half in court.
Walk away and hand the property to the finance company. ...everyone looses!!!!
all in all, a ****ty situation mate..
Me, I would liquidate the joint asset any way that she will agree too from the above choices...
My only certain advise is not to take this to court...get her cooperation some how.
Do not get agro under any circumstances.... Resolve this peacefully if at all possible mate..
good luck
Thread Starter
|
Senior Member
Joined: Jul 2006
Posts: 1,038
Likes: 0
From: Poor in Maine
RE: Mortgage question
Ok well Im watching Judge Judy right now and ironically theyre talking about mortgages lol. Ok I tried to refinance and it wont happen. I need over 5k out of pocket to make it happen and thats a pipe dream. Ive explain the situation to my mortgage company and they cant help me. It needs to be through the bank. Selling would be nice, but with the market the way it is Id still owe probably 15k-20k right now. Thats unreasonable, plus what the **** would I do for shelter? My parents would put e up but im 25 and thats a horrible thought. Couch surf? That gets old. I appreciate all the input, its more then I thought Id generate.
Joined: Sep 2007
Posts: 450
Likes: 0
From:
RE: Mortgage question
Her name is on the paperwork as "co-borrower"? Then she is on that hook just as much as you are. In fact, I would think you actually owed money from her for the last few months payment that she hasn't split with you, as per your agreement when you bought the house together. Let her know that if she can either do one of three things:
1: Sign her half over to you, free and clear, and be done with the situation.
2: Start paying her half of the bill, as contractually obligated when she signed the mortgage papers...her name is there, it's her problem too.
3: Go down in flames with you when you can't float the bills anymore, and spend the next 7-11 years not being able to buy anything more expensive than a hamburger.
THIS IS NOT A TIME FOR YOU TO BE THE "NICE GUY". She is f*cking you every day she doesn't pay her half of the obligation. It's time for you to f*ck her back...get a lawyer and get to work. Today. RIGHT NOW.
1: Sign her half over to you, free and clear, and be done with the situation.
2: Start paying her half of the bill, as contractually obligated when she signed the mortgage papers...her name is there, it's her problem too.
3: Go down in flames with you when you can't float the bills anymore, and spend the next 7-11 years not being able to buy anything more expensive than a hamburger.
THIS IS NOT A TIME FOR YOU TO BE THE "NICE GUY". She is f*cking you every day she doesn't pay her half of the obligation. It's time for you to f*ck her back...get a lawyer and get to work. Today. RIGHT NOW.
Guest
Posts: n/a
RE: Mortgage question
ORIGINAL: 51plymouth
Her name is on the paperwork as "co-borrower"? Then she is on that hook just as much as you are. In fact, I would think you actually owed money from her for the last few months payment that she hasn't split with you, as per your agreement when you bought the house together. Let her know that if she can either do one of three things:
1: Sign her half over to you, free and clear, and be done with the situation.
2: Start paying her half of the bill, as contractually obligated when she signed the mortgage papers...her name is there, it's her problem too.
3: Go down in flames with you when you can't float the bills anymore, and spend the next 7-11 years not being able to buy anything more expensive than a hamburger.
THIS IS NOT A TIME FOR YOU TO BE THE "NICE GUY". She is f*cking you every day she doesn't pay her half of the obligation. It's time for you to f*ck her back...get a lawyer and get to work. Today. RIGHT NOW.
Her name is on the paperwork as "co-borrower"? Then she is on that hook just as much as you are. In fact, I would think you actually owed money from her for the last few months payment that she hasn't split with you, as per your agreement when you bought the house together. Let her know that if she can either do one of three things:
1: Sign her half over to you, free and clear, and be done with the situation.
2: Start paying her half of the bill, as contractually obligated when she signed the mortgage papers...her name is there, it's her problem too.
3: Go down in flames with you when you can't float the bills anymore, and spend the next 7-11 years not being able to buy anything more expensive than a hamburger.
THIS IS NOT A TIME FOR YOU TO BE THE "NICE GUY". She is f*cking you every day she doesn't pay her half of the obligation. It's time for you to f*ck her back...get a lawyer and get to work. Today. RIGHT NOW.
If he gets agro and try's to take revenge or fight without first trying the Mr nice guy approach....
The bloody lawyers are the only people that will win in this situation..
Unless the property is worth a ton of money that is?????
BTW...the finance company does not give a **** who pays the payments ..
If he pays and she does not and he fights her for it... he will have to fight in court to recover payment monies owed to him ...
Again ..not a good choice because you only wind up paying lawyers thousands and all just to recover a few half payments?... nup... sort this out peacfully if at all possible..
Fighting in these situations never resolves anything... everyone only winds up loosing mate..
Guest
Posts: n/a
RE: Mortgage question
ORIGINAL: DDCavi
Ok well Im watching Judge Judy right now and ironically theyre talking about mortgages lol. Ok I tried to refinance and it wont happen. I need over 5k out of pocket to make it happen and thats a pipe dream. Ive explain the situation to my mortgage company and they cant help me. It needs to be through the bank. Selling would be nice, but with the market the way it is Id still owe probably 15k-20k right now. Thats unreasonable, plus what the **** would I do for shelter? My parents would put e up but im 25 and thats a horrible thought. Couch surf? That gets old. I appreciate all the input, its more then I thought Id generate.
Ok well Im watching Judge Judy right now and ironically theyre talking about mortgages lol. Ok I tried to refinance and it wont happen. I need over 5k out of pocket to make it happen and thats a pipe dream. Ive explain the situation to my mortgage company and they cant help me. It needs to be through the bank. Selling would be nice, but with the market the way it is Id still owe probably 15k-20k right now. Thats unreasonable, plus what the **** would I do for shelter? My parents would put e up but im 25 and thats a horrible thought. Couch surf? That gets old. I appreciate all the input, its more then I thought Id generate.
You are stuck with 2 choices...
Loose the lot and walk away in debt without any asset ....
Stay ..let some time pass , pay the payments if you can ? (take in a border mate to help pay ?)
Hopefully if you can , re instate comunications with your ex and slowly try to work things out...
As you said...
If you cant refinance
If you cant sell
Do not rush this mate.....calm calculated thoughts are what you need....
not agro or panic decisions made in 1 week??....
Get yourself a border mate and take the strain off financially ...
while you sort your situation out over time..
Thread Starter
|
Senior Member
Joined: Jul 2006
Posts: 1,038
Likes: 0
From: Poor in Maine
RE: Mortgage question
This place is not worth a ton. SHE wants her name off, and I have tried several avenues to make it happen. She is more then willing to sign anything to get her name off, she DOESNT want it on now (ironic after she fought me for over a week to get it on HA). All the banks have said the same thing needs to happen. The house needs toappraise for over $XXXXXX and it wont. It will be over $15k less ATLEAST. The differancewould have to be paid out of pocket to be refinaced in my name. I dont have $15k, **** I dont even have $500. Basically I know theres only ONLY two options. Roommate, which I am trying for or let the place go under and drag her bitch *** down with me (which would blow ultimately for me, but revenge would be sweet). I just need to know if she had to legally pay with me, but it doesnt seem as thats the case.
Senior Member
Joined: Oct 2008
Posts: 192
Likes: 0
RE: Mortgage question
The best thing for you to do in this situation is find a lawyer who will draw up papers for you saying that she forfeits any legal ownership of the house and have her sign them. Right now you are essentially paying 100% of the bills for 50% of the house. You could pay off the house and she could turn around and claim ownership or 50% of the sale of the house. With your financial situation you seem really stuck in the house, I would try to find some good roommates and hope for the best. Ultimately though its a pretty ****ty situation, and one of the many many reasons I will never get married and share property or financial liability.
EDIT:
She has the same obligation to pay as you do, if payments are missed or if the house goes into foreclosure it will reflect the same on both of your credit reports. You cant get her off the loan and out of liability without refinancing but to cover yourself you can have her forfeit her ownership rights.
EDIT:
ORIGINAL: DDCavi
I just need to know if she had to legally pay with me, but it doesnt seem as thats the case.
I just need to know if she had to legally pay with me, but it doesnt seem as thats the case.
Senior Member
Joined: Apr 2008
Posts: 1,119
Likes: 0
From: Modesto, California USA
RE: Mortgage question
Sound like you are mixed up in the housing flop. Where do you live? You dont want a foreclosure on your credit man.. that will haunt yo forever (atleast 7yrs) post up some ad's on craigslist.org see if you can find someone that isnt to crazy to live with. Make em sign something so if it doesnt work out you can get them out without too much of a hassle. Credit rules the world. If you **** your credit, Im pretty sure its going to repeativly bite you in the ***.
Guest
Posts: n/a
RE: Mortgage question
ORIGINAL: DDCavi
This place is not worth a ton. SHE wants her name off, and I have tried several avenues to make it happen. She is more then willing to sign anything to get her name off, she DOESNT want it on now (ironic after she fought me for over a week to get it on HA). All the banks have said the same thing needs to happen. The house needs toappraise for over $XXXXXX and it wont. It will be over $15k less ATLEAST. The differancewould have to be paid out of pocket to be refinaced in my name. I dont have $15k, **** I dont even have $500. Basically I know theres only ONLY two options. Roommate, which I am trying for or let the place go under and drag her bitch *** down with me (which would blow ultimately for me, but revenge would be sweet). I just need to know if she had to legally pay with me, but it doesnt seem as thats the case.
This place is not worth a ton. SHE wants her name off, and I have tried several avenues to make it happen. She is more then willing to sign anything to get her name off, she DOESNT want it on now (ironic after she fought me for over a week to get it on HA). All the banks have said the same thing needs to happen. The house needs toappraise for over $XXXXXX and it wont. It will be over $15k less ATLEAST. The differancewould have to be paid out of pocket to be refinaced in my name. I dont have $15k, **** I dont even have $500. Basically I know theres only ONLY two options. Roommate, which I am trying for or let the place go under and drag her bitch *** down with me (which would blow ultimately for me, but revenge would be sweet). I just need to know if she had to legally pay with me, but it doesnt seem as thats the case.
Mate... she has only one choice too ....she has to let you keep the place and all you need do is get a fairly simple agreement from her that she will not go to court over it..
Once she realizes that if it gets sold she will be help responsible for half of what is left owing if sold.. she has to agree! unless she is a bit dippy in the head?
Get yourself that border ...keep the place till you have paid enough to break even or can raise the capital you need to re finance ... or the market pick up to the extent where the house can be sold at a profit...
The bitch as you call her ....has no bloody choice either mate...
