joint house advice

Old 11-20-2007, 12:23 PM
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gns
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joint house advice

I heard my ex has been fired from his job. We still have a house together (mortgage and deed). Weird feelings about all of that. Partly feel responsible and sad and even a little relieved that there are consequences (and that maybe this will help him in the long run) and worried about the joint house.

Does anyone know if there is an easy way to get him off the mortgage/deed? Do I have to refinance? Is that expensive?

What happens if he declares bankruptcy?
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Old 11-20-2007, 12:28 PM
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who is living in the house? he could sign a quit claim and that would take him off the title but yes you would have to refinance him off the mortgage. the cost of doing that can vary widely, credit score, debt to income ratio, how much equity there is in the property all influence those costs
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Old 11-20-2007, 02:38 PM
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Smile Joint house ownership....

gns,

I am going through the same thing right now. Actually it has been on-going since 2000 when my Dad died. He left the house to me and my brother. My brother was living there with my Dad, helping care for him.

My brother started drinking again and also has been doing drugs. He has not taken any responsiblity for the house at all. He was to live there rent free but he had to keep up the home owner's insurance, the utilities, and the property taxes. I had no idea that he wasn't going to work anymore. He did work at the pulp & paper mill...had 15 years there and it closed so he was working for a friend doing carpentry which he was good at.

So for a few years he existed on his small pension from the mill and rented out a bedroom & use of house for $300 a month to homeless people on SSI or Social Security. When he turned 65 he started getting his social security and still is behind in everything. I paid three years of back taxes and decided not to do it this year. So the house will go into Foreclosure soon. I have an attorney working with a reality outfit that has been court ordered to help with the sale of the house since my brother tried one year asking $99,000 for an old house but in good repair but no one was interested in even looking at it in that price range.

I would willingly sign my share of the house over to my brother rather than have it go into foreclosure where it is lost forever...but I am owed my half plus some of the bills and insurance I have paid.

I decided to get an attorney when I went to visit him the last time and he was going to the neighbors to get buckets of water to flush the toilet. The water was turned off, he had a legal paper from the garbage collectors that he had a misdemeaner fine for not putting his garbage out to be collected, he didn't have a phone, and the power was going to be turned off again.

I love my brother. I am an alcoholic in recovery and he had been sober 14 years when he had a suspended sentence over his head. I know a lot of his behaviors come from the fact that our parents enabled him all his adult years...bailing him out of marriages(2) and jail, and paying credit card bills. I had no idea that he would be this lacking in respect for our family home. I thought he took pride in it like I do but that isn't so. I just hope no one gets hurt or dies on the property or I am half responsible for it.

So to answer your question...I don't know how it would work for a divorce other than he would be entitled to half of the equity built up on the house+ his share of what the fair market value would be.

kelsh
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Old 11-20-2007, 02:57 PM
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gns......as a loan officer I can answer that one for you. It depends on your lender. Call them and ask them what their guidelines will allow in your situation. Tell them that it is your desire to simply keep your note the way it is but that you would like his name removed from the loan itself without having to refinance. See if they will allow this mine did for me but I happen to bank at a small town bank not a nationwide lender. I did have to debt ratio to prove that I could handle the payment at what it already was. And my guess is if they allow it you will too. He would have to sign at the closing if you are still legally married and he will need to sign a quit claim deed. If he agrees and your lender agrees then its yours to do with what you wish. Good luck hun.

Janitw
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Old 11-20-2007, 03:26 PM
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gns
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Thank you Janitw, kelsh and hadenoughnow,

I will call the mortgage company and find out what my options are - thank you for the good advice. We were not married and no one is living in the house currently (we are trying to sell it - no buyers, like you kelsh!).

Thank you all for your responses - I feel less overwhelmed and more empowered!
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