Posted on: 13th Aug, 2010 07:20 pm
i co-own a townhome in FL with my ex-boyfriend. his dad gave us $45K for the downpayment 6 years ago. the house is underwater $35K. I have moved to NJ due to a job relocation. Ex still lives in the house and is quite content having me pay for his portion of the mortgage because he continues to be under-employed (because he's lazy). I pay the bills because i don't want it to affect my credit.
I want to move on. Have asked him to take over the house, he said no unless I pay his Dad back $25K; I have asked him to move out and we can rent it, he said NO, he doesn't want someone to wreck the place. I don't have $25K to give him but I want this to end. I am looking into loan modification but unsure as to whether the bank would do anything about the loan because I can afford the payments.
Do I have any legal recourse to sue him for his failure to pay his monthly obligations over these 40 months since he stopped paying his fair share?
I want to move on. Have asked him to take over the house, he said no unless I pay his Dad back $25K; I have asked him to move out and we can rent it, he said NO, he doesn't want someone to wreck the place. I don't have $25K to give him but I want this to end. I am looking into loan modification but unsure as to whether the bank would do anything about the loan because I can afford the payments.
Do I have any legal recourse to sue him for his failure to pay his monthly obligations over these 40 months since he stopped paying his fair share?
Hi colleen,
As you can afford the payments, the lender will not be ready to give you a loan modification. As far as suing him is concerned, you may be able to sue him but you need to contact an attorney for the same. However, as both of you are co-owners of the property, if he doesn't make the payments on time, you'll have to pay it in order to save your credit as well as the property.
Thanks
As you can afford the payments, the lender will not be ready to give you a loan modification. As far as suing him is concerned, you may be able to sue him but you need to contact an attorney for the same. However, as both of you are co-owners of the property, if he doesn't make the payments on time, you'll have to pay it in order to save your credit as well as the property.
Thanks
yes, i continue to pay the mortgage each month, never late. but my ex just stated to me he's not going anywhere and i will just have to wait until the market goes up and we can sell. i just checked the resale of these homes on the internet and they are going for around $100K so that means my mortgage is $56K underwater. We paid $212K for the house. I will look to an attorney. Thanks!