Homeowner split ownership legal quandry.

Sludig

Sludig

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(Colorado)Thinking things might be circling the drain with the fiancee. Trying to figure out how things would play out ahead of time. She's stated if we broke up she wants to have the house sold. Have a house toghether for about a year. The original mortgage was us cosigned. County docs show us both as owner. Mortgage when sold to another company ended up with only my name on it.

I'm wondering since not married and common law isnt until like year 2. What powers innately does she have to force sale? I'd rather just pay off her half of the equity which I dont think is too much since payments are largely interest right now anyways. I know it certainly can be more of a tossup in court if she actually sued. But by itself in this situation does one of us have the auto win without court on how to handle it?
 
wormie

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Why would she care where the money for her portion of the house comes from? Buy her out. Also niether one of you have the power to force the other to sell or not sell. And talk to an attorney.
 
Sludig

Sludig

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Because she's vindictive.

Or dumb,

Amongst other things we are fighting about. We had agreed to have combined accounts, and do a separate individual for fun money account for each. ~400$/month. Aside from coming back 2 months later and wanting to lower the monthly allowance we each get, she was pushing hard that over say 1500, has to be a discussion with the other person about it as far as yes/no. (So no limits on how you spend 400/m, but if you save and spend nothing, you can't buy one larger item? When it's more likely to hold some kind of value than a bunch of petty $50 purchases??)
 
Big Phoenix

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Having combined bank accounts sounds like a horrible idea, never comingle assets if you dont have to.

But yeah she cant force you to sell the house. Try and buy her half from her like wormie suggests.
 
Cad

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Sludig_sl said:
(Colorado)Thinking things might be circling the drain with the fiancee. Trying to figure out how things would play out ahead of time. She's stated if we broke up she wants to have the house sold. Have a house toghether for about a year. The original mortgage was us cosigned. County docs show us both as owner. Mortgage when sold to another company ended up with only my name on it.

I'm wondering since not married and common law isnt until like year 2. What powers innately does she have to force sale? I'd rather just pay off her half of the equity which I dont think is too much since payments are largely interest right now anyways. I know it certainly can be more of a tossup in court if she actually sued. But by itself in this situation does one of us have the auto win without court on how to handle it?
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The original note will still have both names on it and this is all that matters as far as the debt is concerned, regardless of who it is sold to, each company it is sold to just adds an endorsement (like a check) to the new owner.

She can file suit for partition and if you are willing to pay her off the judge will likely allow that and not force a sale. You'd have to look up suits for partition in your state and see the procedures followed if she goes to court. In all likelihood you can just get the house appraised and pay off her half and then get her to sign a quitclaim deed with the title company, then refinance on your own to fix the note/mortgage.

Usually this is handled by court order in a divorce but since you're not married you might need to do another closing/round of financing to fix up the paperwork.
 
K

Kedwyn

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Its been mentioned but not this part. One thing to keep in mind is that you went into the mortgage with two people and two incomes I presume, otherwise there is no reason what so ever to put a GF on your mortgage / deed. You'll need to qualify for the full mortgage on your own (debt to income ratio on your own income), refinance the debt and have a separate closing to get her name off the note. I don't know what your financial situation is but that may or may not be an issue.
 
Palum

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Sludig_sl said:
Because she's vindictive.

Or dumb,

Amongst other things we are fighting about. We had agreed to have combined accounts, and do a separate individual for fun money account for each. ~400$/month. Aside from coming back 2 months later and wanting to lower the monthly allowance we each get, she was pushing hard that over say 1500, has to be a discussion with the other person about it as far as yes/no. (So no limits on how you spend 400/m, but if you save and spend nothing, you can't buy one larger item? When it's more likely to hold some kind of value than a bunch of petty $50 purchases??)
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What is the % comparison of income?
 
Sludig

Sludig

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My income is a little variable higher w/ OT. But we both make ~4k/month each. If you mean for the house, it's a 1600/m mortgage, I'm 3 payments from being done on my car, shes got like 1 year. I have a small residual bank load for 160/m from a wedding trip out of country for friend. And I've been meaning to look into worth refinancing anyways as it sounds like the market is generally like 1.5% lower now?

We're sorta resolved even if she still doesn't understand it, just says I dont understand her.... But still good to kinda get this figured out. Sounds mostly like going how I'd want anyways, only thing to worry about is a solo qualifying for it.
 
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