My Story...Advice needed....

[kathryn d]

VYBerlinaV8 and alexlee,
How do propose he get his name off the title of this property?He has dug a financial hole and dragged his EX down in it with him.
Why would this woman want to sell?If she sold now she would never get the $49k that the bank would take.He is having a hard time living for free at his parents.
His best bet is to let things stay as they are.
The Ex should pay him, at the most the mortage payment on $41K.
He should explain to the EX he will be wanting to sell his share as soon as his debt equals his equity.This will at least let her know what is going on.Just because he is thinking and planning all this stuff, doesn't mean he has informed her.
The Ex may then decide to rent out some bedrooms and start saving so she can qualify for a loan to buy him out.

 

[VYBerlinaV8]

There are probably several ways to get his name off the title. One way is to sell the property, another is to have the ex buy him out, another is to have a third party buy him out. He may not receive full market value for his part, but if this were me I'd be getting the hell out of there. Perhaps he can discount his half by the amount of equity he took from the ex? There are certainly options, and I think legal advice should be sought on how to best pursue these options. If he's left with a debt at the end, well, that's because of the money he spent previously now needing to be repaid.

 

[kathryn d]

Since I have sold very few properties (we hold them) I am under the impression that the banks will take what is owed first, before releasing the mortgage.

According to MCS the EX is not financially able to buy him out on a pension income.
He cannot sell the property without her permission.As far as I can tell they are Joint Tenants on the deed title.
Why would she allow the title to be changed to Tenants in Common, so he can sell his share ....to a complete stranger?

As far as HE being left with a debt in the end...no SHE will be left with a debt in the end, with the hope he will repay her. Not a risk I'd advise myself or anyone else, male or female to take.

He made this situation, by his own words and actions.Until she wants to change it, he will need to wait until she can or wants to do something.

 

[tubs]

She had no problem getting into this in the first place. It was her lifeline to keeping the property. She got into it, she has some responsibility to get out of it.

Maybe he gets his half, minus what he borrowed for his lifestyle purchases. That can't be fairer.

And like I say, dont forget, the more this property goes up, the more she'll owe you when you DO decide to split it, and the less likely she'll be able to do it.

Fix it now, while she still has a chance of being able to afford it.

Maybe we can run a poll on this...

 

[GordonGekko]

yes he can either end up with a 50k deth or 27.5k cash in hand... i wonder which one he will take?