My fiancee has left and we bought a home together last May in North Carolina. We have separated and we want to take action on the mortgage we both signed. What options do we have? We both own 50/50. Should I make an offer to buy part of her half and let her make up the difference since I would be assuming the mortgage?
First make sure that you can assume the mortgage by yourself. In this economic climate there is no guarantee that the bank will let you carry it yourself. Then get good legal advice. If you screw this up, you could lose everything and trash your credit rating so do the right thing and get a good lawyer to advise you on the best actions to take.
Unmarried couple seperation and a home mortgage?
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Either way, if you want to buy her half of the house it’s a legal transaction (purchase and sale). I would suggest you get legal advice on the best way to proceed.
References :
First make sure that you can assume the mortgage by yourself. In this economic climate there is no guarantee that the bank will let you carry it yourself. Then get good legal advice. If you screw this up, you could lose everything and trash your credit rating so do the right thing and get a good lawyer to advise you on the best actions to take.
References :
Here is the best advice benefitting the both of you:
Right now it is a buyers market. You will gain nothing by selling. If there is an amicable split, your best bet is to come together to rent the place out and keep up the payments or one of you stay in the premises and pay a larger portion of the mortgage until the market shifts so you both can sell it at a higher profit margin If that is not possible, one can buy out the other
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