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 robba
Joined: 19 Sep 2008
Posts: 1
1.35 Dollars($)
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 Posted: Fri Sep 19, 2008 2:58 pm Post subject: Joint liability on a mortgage when only 1 person resides the |
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| If a non married couple purchase a house jointly & 1 person leaves. Is that person responsible for 1/2 of the house bills when the other person is still living there? |
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Susanne
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0.10 Dollars($)
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| Posted: Mon Sep 22, 2008 4:46 am Post subject: |
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Hi Robba,
If you just leave the house, then you are still liable to pay 1/2 of the house bills. However, in case you have quitclaimed the property to the person living in the house and also transferred the mortgage, if any, through novation or refinancing, then you are nor liable to pay 1/2 of the house bills. |
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Guest
0.10 Dollars($)
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| Posted: Mon Sep 22, 2008 4:51 am Post subject: |
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Hi Robba,
If you mean half the house bills as in utilities, then no they are not responaible. If however you're talking about the mortgage, then yes they would be as financially responsible for the payment as you are. |
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vegas_storms
Joined: 12 Sep 2008
Posts: 50
1.24 Dollars($)
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| Posted: Mon Sep 22, 2008 4:52 am Post subject: |
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Hi Robba,
If you mean half the house bills as in utilities, then no they are not responaible. If however you're talking about the mortgage, then yes they would be as financially responsible for the payment as you are.
_________________
http://www.mortgagebreakdown.com
Information given is an opinion, for true legal advice please consult an attorney. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 1438
Location: bloomfield, ct
62.37 Dollars($)
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| Posted: Mon Sep 22, 2008 8:00 am Post subject: |
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when a person signs a mortgage note, that person is 100% liable for payments. if two people sign a mortgage note, each person is 100% liable for payments.
to anticipate that a person leaving a relationship and a home in which he or she has an ownership interest would continue to contribute toward the mortgage payments is to expect the unexpected. most people moving out are not at all likely to continue to contribute.
what you're facing here is a matter of negotiation, truly. each of you is responsible for the whole payment, so "fairness" needs to be worked out.
_________________
George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444 |
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angel
Guest
0.10 Dollars($)
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| Posted: Wed Oct 15, 2008 11:08 am Post subject: Mortgage Joint liability and one leaves: Not married |
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| With mortgage values down 20% thus owe more than house value: can not refinance. Payments current. How can the person staying in the house (making full payment) protect themselves when other moved out? Person left will not sign quickclaim or take $ to settle. Is based on house value at time split? or can they come back years from now for then value? Say the one who leaves files bankrupcy or has a lawsuit? What protects the one in the house meeting bills? Appreciate feedback. |
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Niicss
Joined: 03 Oct 2005
Posts: 1287
Location: New Jersey
193.02 Dollars($)
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| Posted: Thu Oct 16, 2008 3:07 am Post subject: |
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Hi angel,
Welcome to forums.
If the person who left the house, remains on the deed, then he can come and claim the property at any point of time. If that person includes this house in the bankruptcy, then you may lose the house. Or the lenders may even place liens on the house.
You can avail the option of the Partition law suit. This law suit helps in forcefully selling off the property. You will have to inform the lender that you are filing a Partition law suit. Then you can pay off the mortgage by the sale of the property. Here you should keep in mind that the other person can come and ask for the sale proceeds but as mortgage is a financial obligation, you will have to pay it off first. I hope this will help you.
Thanks.
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Good is the Enemy of Great. |
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