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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 26363
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I own my house 50/50 with my ex (never married). He moved

Customer Question

I own my house 50/50 with my ex (never married). He moved out the first month we signed the papers and bought it. It has been a year and a half and he wants to take my house. I have paid Every bill on my own and he even signed and notarized papers saying that's true. What options do I have? Said he wants to force the sale
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 7 months ago.

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Expert:  RealEstateAnswer replied 7 months ago.

A Judge would have to force the sale of the home. For that to happen, the burden would be on him, as the moving party, to show good cause. He can not just take the home but, with him being on title, he does have a shared ownership interest in it. As such, if you wanted the home, you could offer to buy him out, if you wanted to or object and fight this petition/motion to force the sale and ask the Judge to allow you to continue to live there. However, you should be aware that with him on title, if you ever want to sell, he would need to cooperate and would be entitled to share in the proceeds. I understand that you pay every bill but the issue is him being on title and you needing to remove him.

Customer: replied 7 months ago.

How would i"buy him out?" The house has a 300k mortgage on it. We bought it for 325k. I don't qualify for the loan on my own, I only make 30k a year on paper

Expert:  RealEstateAnswer replied 7 months ago.

In a situation like this, you would make him an offer, for his 50% interest and if he accepts it, he would execute a quit claim deed, transferring his interest to you, so you would be the sole owner.

Expert:  RealEstateAnswer replied 7 months ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

Customer: replied 7 months ago.

How would I buy him out?

Expert:  RealEstateAnswer replied 7 months ago.

Great to hear back from you. There are three options. The first, is to pay him cash, if you have access to a lump sum. Second, would be to refinance the home, if there is equity and you are able to and pull cash from that and pay it to him. The third and final way would be to work out an agreed upon payment plan and put it in writing, whereby upon the last payment, he transfer his legal interest and title to you.

Customer: replied 7 months ago.

The only thing be wants is his name off the loan so that he can go by another home of his own. He wants no money from it. So I guess my own choice is to refiance. I bought the house for 325k,I owe 300k, and I could sell it for 350k but I do not want to to sell my house. There's no way I could qualify for 300k loan on my own

Expert:  RealEstateAnswer replied 7 months ago.

Correct. As such, you either refinance it or ask the lender to allow you to assume the loan and remove him. Those would be the only two options, to get him off, if you do not want to sell it.

Expert:  RealEstateAnswer replied 7 months ago.

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