Signed with significant other, things going downhill

Guest

Hi all,

I signed for a house with a significant other, now the relationship is deteriorating. It's not about money, we both make good money and afford payments easily.

Are there any options other than "Sell the property, possibly at a loss, get personal loans in own names to cover the loss"?

Neither of us qualify for the mortgage on our own, but individually either of us can afford payments. Got to love the twisted logic there.

What are our options?

Thanks a lot

smithsussane · Posted: Fri Dec 05, 2008 7:50 pm Post subject:

Hi Generic User!

Welcome to forums!

You can list the property in the market and check out if you get buyers to sell off the property. You can lower the prices while listing the property. If you get a buyer, then you can sell off the property and take personal loan to cover up the losses. However, you should remember that personal loans come at a higher rate of interest.

Feel free to ask if you have further queries.

Sussane

Guest

Back again, sorry to ressurect the thread.

If one party wants to sell and the other party is dead set on keeping the house what are our options?

I cant make him sell the house if he doesnt want to can I? Even if I am on the mortgage and deed with him?

Guest

I'm back! Sorry to ressurect the thread, but I could use some more help.

If I want to sell and he is dead set on keeping the house is there anything I can do at all?

I want to get out of the house, but he wants to keep it. He is unable to refinance to get me off of the loan. I will file a quitclaim if I can get off the mortgage in a heartbeat.

Do I have any recourse?

gmakerley · Posted: Sat Jan 10, 2009 10:36 am Post subject:

if he is dead set on keeping the home, then wouldn't that seem to indicate he's willing to do whatever is needed in order to make the required payments? you two need to have a serious discussion as to how he plans to make payments. maybe he can find a way to buy you out of the home. that wouldn't necessarily eliminate your contractual obligation with the lender (unless he refinances) but it would ease things down the road, i think.

Guest

The problem is that if I ever want to buy a new house or a car or anything I wouldnt be able to because he wants to keep the house.

The loan has my name on it and so it would stop me from buying a house on my own, or a car or anything at all.

I would keep the house myself it came down to it, but I cant refinance it entirely in my own name so I know it is unfair to stay in the house and screw any chance he has of ever getting another loan for his own house.

Guest

In addendum to the last post:

Is there anything legally I can do? Force him to sell or buy me out? If he cant buy me out/refinance, house goes on market?

Anything at all?

Caron · Posted: Mon Jan 12, 2009 4:14 am Post subject:

Hi generic user,

If one party wants to sell and the other doesn't, the former can file a Partition Lawsuit if it is approved by state laws. This lawsuit is all about forcing a sale of the property and then dividing the proceeds amongst the owners.

good luck

gmakerley · Posted: Mon Jan 12, 2009 9:10 am Post subject:

generic, your ability to obtain loans in the future is not wholly lost. honestly, i can't speak for lenders' attitudes currently (guidelines have changed so much, so fast of late), but in the not-too-distant past, if one party was making payments and the other party was no longer involved - as in your case - you had the ability to document his payments for a minimum of 12 months, and that would suffice to eliminate the mortgage from consideration when you were seeking a loan. those 12 months, of course, would have to be paid on a current basis (no lates).

perhaps with the change in temperament in the market, the 12 month period is now 24 or more (i really don't know for sure, but plan to find out), but savvy lenders; lenders who really desire to be lenders (that is, make loans) will see this as an opportunity for a make-sense decision.

make sure you keep at minimum a cordial relationship with him, so that when the time comes, he'll be open to allowing you to see his payment pattern and use it for qualifying yourself for a new loan.

if i learn today's attitude toward this policy in the near future, i'll update with a new post on this record.

be encouraged - this will not be the end of the world for you obtaining needed credit.

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