Posted on: 14th Nov, 2007 06:42 am
Most of the other post I have come across on this subject deal with the party who left the house wanting to sell and the party who stayed wanting to keep the property. My situation is different. I bought a house with my fiance' in Spring of 06. The peak of the housing market. I have been trying to sell for most of 07. I finally got an offer for $15k less than I paid and 2k less than I owe. On top of this I still have to pay realtors fees. My ex refused to sell the property unless I paid her another 10k. I can't even afford to stay in the house, which is why I am willing to sell at a loss. I am in the process of filing a partition lawsuit. How will this work? Will I be able to put it back on the market like before or will can be forced to take a lesser settlement? Who will be responsible for the cost of selling when the partition is ordered.
Thanks
Thanks
Who's name/names are on the mortgage?
You should get an attorney now. As you have an opportunity to minimize your losses. This is a tricky situation and your rights can be just as tricky. If you are both on the deed and mortgage you will need either her help or the courts help.
Best of luck
You should get an attorney now. As you have an opportunity to minimize your losses. This is a tricky situation and your rights can be just as tricky. If you are both on the deed and mortgage you will need either her help or the courts help.
Best of luck
Thanks Eric. I thought she was only on the deed. Aparently, and my mortgage broker explained it to me like this. She is on the mortgage, but not on the note. I have the paper work and her name is on the mortgage. I am in contact with a lawyer, I was just hoping to get some questions answered prior to our next meeting or advice on questions I should ask
Thanks again
Thanks again
No problem.
Let me clarify a couple more things. The note is the mortgage, better known as a promissory note. The title and the deed are different from the note.
Are you even on the mortgage? Are you on the deed?
If not you don't have responsibility to get the house sold. Let her worry about it since she is being greedy... let her have it. The house that is not the money.
If you are both on the mortgage... Does she even realize she will have the foreclosure as well if you can't make the payments?
And the most important part to remember is that the lender who holds the mortgage will get paid first before anyone else. If there is nothing left you guys get nothing anyway. Except possibly a deficiency judgement for the difference you still owe the bank after the short sale. Or more likely you will get a 1099 and owe taxes on the difference.
Let me clarify a couple more things. The note is the mortgage, better known as a promissory note. The title and the deed are different from the note.
Are you even on the mortgage? Are you on the deed?
If not you don't have responsibility to get the house sold. Let her worry about it since she is being greedy... let her have it. The house that is not the money.
If you are both on the mortgage... Does she even realize she will have the foreclosure as well if you can't make the payments?
And the most important part to remember is that the lender who holds the mortgage will get paid first before anyone else. If there is nothing left you guys get nothing anyway. Except possibly a deficiency judgement for the difference you still owe the bank after the short sale. Or more likely you will get a 1099 and owe taxes on the difference.
I am on everything. She was put on the deed almost as an after thought. We got engaged before we closed so I put her on the deed (being a nice guy and trying to do the right thing - I won't make that mistake again). Now when I had the mortgage broker send me the paperwork there is a paper that says mortgage in big bold letters with both our names on it. She is not on the bills that come from the lender every month. If the number on your website will get through to you I can call to get your email and send it to you ( I have it on a .pdf) I have gotten different advice from different lawyers as I have been getting refered around (long story, and not as painful as it sounds, just started with my divorce lawyer from my 1st marriage in a different county and worked my way through the system before I found someone who specializes in realestate and belongs to my legal plan). Taking in all the opinions I can right now. Like I mentioned earlier I am probably looking at doing a partition, but it just seems silly to go through all that trouble when I am making all the payments, put up all the money to aquire the house, not to mention had my credit card used without my knowledge to move, and I'm losing money and willing to take the responsibility for the loss.
Sorry, kinda started ranting!
Thanks
Sorry, kinda started ranting!
Thanks
Hi Pylon,
Welcome back.
I understand it's a bit frustrating at least when you are making payments on the loan and have used up your money to acquire the house. But such things do happen at times and then you will have to be bold enough to face it.
Regarding how a partition lawsuit works, you can refer to a previous discussion on Partition Lawsuit. But you will have to consult an attorney as he is the right person to guide you in this regard.
"
Who will be responsible for the cost of selling when the partition is ordered?"
You will be responsible for the costs of selling as you will be filing the partition lawsuit.
However, I couldn't get one thing. You have mentioned that your name is on the loan along with your wife but it's you who's making all payments and the bill too reflects just your name. Then are you the cosigner? legally if both of you are on the loan, the bill should reflect both of your names. I think she has done something so that her name is not shown on the bill. Well, I would suggest that you discuss all these issues with your attorney.
Best of luck and be positive. Things will be fine, all you need is bit of patience and confidence to fight against all odds.
Regards,
Jessica
Welcome back.
I understand it's a bit frustrating at least when you are making payments on the loan and have used up your money to acquire the house. But such things do happen at times and then you will have to be bold enough to face it.
Regarding how a partition lawsuit works, you can refer to a previous discussion on Partition Lawsuit. But you will have to consult an attorney as he is the right person to guide you in this regard.
"
Who will be responsible for the cost of selling when the partition is ordered?"
You will be responsible for the costs of selling as you will be filing the partition lawsuit.
However, I couldn't get one thing. You have mentioned that your name is on the loan along with your wife but it's you who's making all payments and the bill too reflects just your name. Then are you the cosigner? legally if both of you are on the loan, the bill should reflect both of your names. I think she has done something so that her name is not shown on the bill. Well, I would suggest that you discuss all these issues with your attorney.
Best of luck and be positive. Things will be fine, all you need is bit of patience and confidence to fight against all odds.
Regards,
Jessica
Pylon,
You are probably the only one on the loan. But as you now realize that doesn't take all her rights away as an owner of the house.
If you send me a private message you can attach it to that. You can send private messages through your control panel in the top right corner after you sign up. You will have to sign in to an account first though.
Best of luck
You are probably the only one on the loan. But as you now realize that doesn't take all her rights away as an owner of the house.
If you send me a private message you can attach it to that. You can send private messages through your control panel in the top right corner after you sign up. You will have to sign in to an account first though.
Best of luck
Have you spoke to your attorney yet?
I have looked over your documents. I believe she cosigned the mortgage and deed with you, but she did not sign the note. There is a section in your mortgage docs that states if she does not sign the note you as the borrower can modify or change the loan without her consent. It looks like the bank is protecting their interest so she cannot do this. Again I am not an attorney or close to it. I always thought a cosigner had to sign the note as well.
"The note is the mortgage, better known as a promissory note."
I mistyped here. What I meant to say was the note is with the mortgage and the deed are seperate.
Typically coborrowers sign the note along with everything else. But it looks like she didn't here.
Please let me know what your attorney says. I am sure that others as well as myself would like to know the answer for future reference.
Hope this helps. Let me know if you have any additional questions.
I have looked over your documents. I believe she cosigned the mortgage and deed with you, but she did not sign the note. There is a section in your mortgage docs that states if she does not sign the note you as the borrower can modify or change the loan without her consent. It looks like the bank is protecting their interest so she cannot do this. Again I am not an attorney or close to it. I always thought a cosigner had to sign the note as well.
"The note is the mortgage, better known as a promissory note."
I mistyped here. What I meant to say was the note is with the mortgage and the deed are seperate.
Typically coborrowers sign the note along with everything else. But it looks like she didn't here.
Please let me know what your attorney says. I am sure that others as well as myself would like to know the answer for future reference.
Hope this helps. Let me know if you have any additional questions.
Thanks for taking the time to look that over for me. I think I even missed the part that allows me to change the loan without her consent. It's just interesting point to take notice of at this point. I'll ask my lawyer about it next time we talk. Since you asked I just got off the phone with him. He is going to draw up the partion and we are getting together to go over that next week before we file it.
Hi Pylon,
I think you did the right thing by calling up the lawyer. If you have decided on a partition lawsuit, then it's better to take the right action at the right time. And yes, Eric raised an interesting point - the signing of documents by the co-borrower, that needs to be addressed.
Hope things will go your way.
God bless you.
Samantha
I think you did the right thing by calling up the lawyer. If you have decided on a partition lawsuit, then it's better to take the right action at the right time. And yes, Eric raised an interesting point - the signing of documents by the co-borrower, that needs to be addressed.
Hope things will go your way.
God bless you.
Samantha
It is no problem at all. I am happy to try to help.
Please let us know what your attorney says.
Best of luck
Please let us know what your attorney says.
Best of luck