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Question

I have a 2nd mortgage in the amount of $47K. My ex BF & I took out a 1st loan with both of our names. Then we took out a 2nd Mortgage loan only in my name however he is paying for 1/2 of it. The loan is coming out of our joint savings account. He has been lying to me about things so I want to protect myself for any future non-payments that may occur. How can I do this?

Submitted: 193 days and 3 hours ago.
Category: Legal
Value: $15
Status: CLOSED
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Hawaii

Already Tried:
this is my first time asking so nothing has taken place.

Posted by DCrane 193 days and 3 hours ago.

Answer

You should have him enter into an agreement for the payment of half of the second mortagage and have an indemnity clause in the agreement that should the second mortgage for whatever reason be unpaid, and the mortgage company comes after you for payment that he will be responsible for its payment.

193 days and 3 hours ago.

Reply

So what is the first step in doing this?

Posted by DCrane 193 days and 2 hours ago.

Answer

You should contact a lawyer and have him/her draft the contract for you, or you could visit an online legal document store and try to find a boilerplate mortgage agreement between two co-habitants when only party is on the mortgage but both agree to split the mortgage each month.

193 days and 2 hours ago.

Reply

What is the cost for this? an approximate? Could I sue him for not paying the loan without an agreement?

Accepted Answer

You cannot sue him for not paying the 2nd mortgage absent an agreement that he would. Cost for drafting the agreement: $500-$1500

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Expert: DCrane
Pos. Feedback: 98.7 %
Accepts: 
Answered: 5/12/2009

Attorney

Negotiate, Draft, and Review many complex commercial agreements each year.

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