Hi
Me and my fiance have recently split. We had been together for 8 years and bought a condo and lived in it together for almost 2.
The condo is all in his name.
We are putting together a separation agreement and I think most of our possessions will be sorted out amicably enough.
My main cause of concern is the condo. He wants to sell it and I don't.
The reason I don't is that right now, we will definitely lose money on the condo - guaranteed. It is only being listed for what we owe on the mortgage, so taking into the fact that we won't get the asking price and fees on top it is an obvious loss of money.
I think that either he should stay in it (I have moved out already) and continue paying the mortgage, he should get a renter in to help with the mortgage or he moves out and we get renters in. This way we can keep the condo until the housing market rises.
My questions are basically this:
If my name is not on the mortgage am I liable for half of the debt if the house sells?
If I am liable, then do I get a say in whether we sell the house or not?
If I am not liable then can he sue me for half of the debt (which is what he is threatening to do)?
If he does decide to not sell and rents it out and sells it in the future I do not want any profits - he can keep it all.
Any advice would be greatly appreciated
Thanks
Me and my fiance have recently split. We had been together for 8 years and bought a condo and lived in it together for almost 2.
The condo is all in his name.
We are putting together a separation agreement and I think most of our possessions will be sorted out amicably enough.
My main cause of concern is the condo. He wants to sell it and I don't.
The reason I don't is that right now, we will definitely lose money on the condo - guaranteed. It is only being listed for what we owe on the mortgage, so taking into the fact that we won't get the asking price and fees on top it is an obvious loss of money.
I think that either he should stay in it (I have moved out already) and continue paying the mortgage, he should get a renter in to help with the mortgage or he moves out and we get renters in. This way we can keep the condo until the housing market rises.
My questions are basically this:
If my name is not on the mortgage am I liable for half of the debt if the house sells?
If I am liable, then do I get a say in whether we sell the house or not?
If I am not liable then can he sue me for half of the debt (which is what he is threatening to do)?
If he does decide to not sell and rents it out and sells it in the future I do not want any profits - he can keep it all.
Any advice would be greatly appreciated
Thanks
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