Posted on: 03rd Jul, 2008 05:31 pm
hello,
i owned my house. i then asked my boyfriend to move in with me. he didn't pay me a "dime" for the first 5 years he was with me. i don't know where he thought i wa getting the money from to make all house payments and living costs of utilites, etc. i was then going into foreclosure and he refinanced house in his name only (because of foreclosure my credit was shot). the equity check was made out to me and i signed over to him to put in his account because i didn't have an account. i only saw a portion of this money as he kept the rest. i lost there. then a few years later he refinanced again and took a sizable amount out against the equity. the house loan now went from a $80,000 to $202,000 in a matter of a few years. he now after 11 years has left and has given me 2 options. 1. i can sell the house and be out on the street after all the years i sweat and suffered trying to pay for house and keep it. 2. i can put in my name, refinance, (which i don't know if i can qualify for with my income and credit)but at the mortgage it is now (after he took all the equity out of house for his toys). i lost so much on this deal. if i would've never done any of this my mortgage would probably be almost paid off. i don't know what my options are? can you help? please!
thanks.
dawn
i owned my house. i then asked my boyfriend to move in with me. he didn't pay me a "dime" for the first 5 years he was with me. i don't know where he thought i wa getting the money from to make all house payments and living costs of utilites, etc. i was then going into foreclosure and he refinanced house in his name only (because of foreclosure my credit was shot). the equity check was made out to me and i signed over to him to put in his account because i didn't have an account. i only saw a portion of this money as he kept the rest. i lost there. then a few years later he refinanced again and took a sizable amount out against the equity. the house loan now went from a $80,000 to $202,000 in a matter of a few years. he now after 11 years has left and has given me 2 options. 1. i can sell the house and be out on the street after all the years i sweat and suffered trying to pay for house and keep it. 2. i can put in my name, refinance, (which i don't know if i can qualify for with my income and credit)but at the mortgage it is now (after he took all the equity out of house for his toys). i lost so much on this deal. if i would've never done any of this my mortgage would probably be almost paid off. i don't know what my options are? can you help? please!
thanks.
dawn
Hi Dawn.
Welcome to the forum.
I am sorry to hear this but I think have been befooled by your boyfriend. BTW how much do you earn now and how bad your credit is? You should first talk with an attorney and see whether you can take any legal actions against him or not?
Your boy friend is on the mortgage and he has taken out the equity .... right. So why would you take obligations on your shoulder by refinancing the mortgage on your name? He has taken out the home equity. So let him pay it. BTW you need not to sell the property. If he cannot pay the lender will foreclose and it will affect his credit and he will be responsible to pay the deficiency judgment.
Feel free to ask if you have further questions.
Best of luck,
Larry
Welcome to the forum.
I am sorry to hear this but I think have been befooled by your boyfriend. BTW how much do you earn now and how bad your credit is? You should first talk with an attorney and see whether you can take any legal actions against him or not?
Your boy friend is on the mortgage and he has taken out the equity .... right. So why would you take obligations on your shoulder by refinancing the mortgage on your name? He has taken out the home equity. So let him pay it. BTW you need not to sell the property. If he cannot pay the lender will foreclose and it will affect his credit and he will be responsible to pay the deficiency judgment.
Feel free to ask if you have further questions.
Best of luck,
Larry
You need to consult with a real estate attorney.
Even though you transferred the property to your boyfriend, you can get back the money you put into it through "Contribution". It takes a lawsuit, though.
Othwerwise, your boyfriend's right.
Even though you transferred the property to your boyfriend, you can get back the money you put into it through "Contribution". It takes a lawsuit, though.
Othwerwise, your boyfriend's right.
