Posted on: 28th Feb, 2010 02:26 pm
i brought a house with a friend about 4 years ago, since then i have moved out to rent a house with my girlfriend and his girlfriend moved in. they tryed to get her on the mortgage and me off but she was not financially able to. can i demand that we sell the house or do i have any rights as i want to buy a new house with my near future wife.
welcome nicolaheath,
as you are one of the owners of the property, you can ask the other owner to sell off the property. if your friend's girlfriend has a improved credit score now, then she can refinance the loan and release you from the liability of mortgage payments.
in case, your friend is not ready to sell the property or his girlfriend is unable to refinance, you may file a partition law suit. the court will order the sale of the property. thus, you would be released from the liability of paying the loan and you would also be able to get a new loan in your name.
as you are one of the owners of the property, you can ask the other owner to sell off the property. if your friend's girlfriend has a improved credit score now, then she can refinance the loan and release you from the liability of mortgage payments.
in case, your friend is not ready to sell the property or his girlfriend is unable to refinance, you may file a partition law suit. the court will order the sale of the property. thus, you would be released from the liability of paying the loan and you would also be able to get a new loan in your name.
How bad is his girlfriends credit or is there more to it. If it's just her credit, have an LO help her fix it and then refinance.
>>can i demand that we sell the house
No, not without a preexisting contract that says the agreement between the two of you expires by a specific date.
>>or do i have any rights
Yes, because you're still on Title. But the only way to exercise your rights is to hire an Attorney. It'd be a lot easier if you could come up with an agreement with them. Maybe tell them they have 12 months to refinance or the house will need to be sold ... something like that.
No, not without a preexisting contract that says the agreement between the two of you expires by a specific date.
>>or do i have any rights
Yes, because you're still on Title. But the only way to exercise your rights is to hire an Attorney. It'd be a lot easier if you could come up with an agreement with them. Maybe tell them they have 12 months to refinance or the house will need to be sold ... something like that.
