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Old 04-13-2010, 05:36 PM
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Join Date: Apr 2010
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Celery is on a distinguished road
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You make some good points. I have contacted the mortgage broker and they will allow my daugher and I to assume the mortgage without changes. I have also spoke with a mediator that I hope they will see, so that a 'fair' settlement can be had. We realize that any down payments paid by him will have to be reimbursed. If there is equity built up in the five months they have been in the house, then I assume that is divided 50/50.
I see three possible courses of action:
1. He agrees to let daughter stay in the house, assumimg mortgage and paying out deposit and 50% of recognized equity.
2. Daughter moves out and he assumes mortgage and pays out daughter 50% of realized equity.
3. Daughter moves out, comes home to parents house and declares bankruptsy.
Bank of Mom & Dad will cover the mortgage payments if option is chosen.
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