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Seperation - What happens to the house??
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The key issue is whether this is an authentic post...."I can hear you whisperin', children, so I know you're down there. I can feel myself gettin' awful mad. I'm out of patience, children. I'm coming to find you now." - Harry Powell, Night of the Hunter, 1955.0
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Assuming this is an authentic post...
1. As a number of posters have noted a major issue is the current property value.
2. You mentioned you pay the mortgage every month, I am assuming you mean that you both pay half every month?
3. The money that he has invested would be taken into account (deposit & maybe homeimprovements) it does not matter if that money came from his parents that was money that was invested by him and not you.
4. He has no job
To answer the first three points-
So what does that mean, well assuming the house is in negative equity even though it has been improved, you get nothing as the house is fully owned by the bank. If there was equity in the home then the equity would be split based on how much you both have put in, including mortgage payments and deposit.
Point 4 Answer-
He has no job so he cant get a mortgage to buy you out. If he can get the money or get somebody else to buy you out then fine if not then its not an option and therefor you either need to keep living there, rent it out or sell it. However if selling it then it comes down to how much its worth.
You need to give all of the information for us to answer correctly.Here to help and be helped!0 -
PS the loan for the repairs is a seperate debt that you both need to pay assuming the loan is split 50-50.
The fact that his parents give him money as a gift means nothing, it was his money once it was given as a gift!Here to help and be helped!0 -
Thank you for all the advice....
His parents are willing to help him so that should not be a problem fro him to buy me out and he thinks he will have a job in a few weeks...0 -
PS PS
I agree with Harry Powel, you have both paid the mortage but he has invested 25k, the house is probably in negatice equity and you expect money!
There are too many people out there that think they can get money for nothing! The government pay too much on benifits to that type of person, companies have to pay personal injury claims where its just stupidity, banks get bailed out when they mess the whole economy up and after a break up you want money when you put nothing in!Here to help and be helped!0 -
Well in that case when he gets the money he can buy you out, you will not get anything if the house is in negative equity other than your debt cleared. It costs your ex (his parents) to clear your debt and they are gambling on house prices rising in the future to cover the cost.
You should either be happy to have your debt cleared or would need to buy him out and turn the tables if you wish to get any money back from the house. If you sell and split, you end up with a debt to the bank.
Your decision.Here to help and be helped!0
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