Posted on: 09th Apr, 2010 04:04 pm
My exgirlfriend and I bought a house and we are both on the title and the mortgage. I have been paying the mortgage, electricity, etc for several years. I put 100000 down. I put 80000 into remodeling. She has put a total of 70000. I now want to buy her out. The house is not worth what it was originally. She insists that since she put 70000 in that she should get it back. I don't think thats right. I talked to someone who said she owed me money! The house was originally 350000 but may now be between 240 to 300. Who owes who? and what if she isnt willing to sign it over? Help me out please. Thanks.
Hi coachie,
As your ex-girlfriend's name is mentioned on the property deed and as she had put in some amount in the purchase of the property, she will be able to demand it when you try to buy her out. You can negotiate with her in regards to the payment depending upon the present value of the property.
If she is not ready to sign over the deed, then you can file a partition lawsuit and sell off the property as per the court orders. The money that you receive from the sale will go towards the mortgage payments. If there is an excess amount, then it would be divided amongst both of you.
To know more about partition lawsuit, check out the given page:
http://www.mortgagefit.com/know-how/file-partitionlawsuit.html
Thanks
As your ex-girlfriend's name is mentioned on the property deed and as she had put in some amount in the purchase of the property, she will be able to demand it when you try to buy her out. You can negotiate with her in regards to the payment depending upon the present value of the property.
If she is not ready to sign over the deed, then you can file a partition lawsuit and sell off the property as per the court orders. The money that you receive from the sale will go towards the mortgage payments. If there is an excess amount, then it would be divided amongst both of you.
To know more about partition lawsuit, check out the given page:
http://www.mortgagefit.com/know-how/file-partitionlawsuit.html
Thanks
So, in a partition lawsuit, can i say that she has not contributed her half and get that money? Because I have spent 240000 and she has spent only 70000. I was told that since it is a partnership, I can sue to make it 50/50. Essentially I would be threatening her with the lawsuit to get her to sign over the property. Thanks.
Settle it