QUESTION
In a partition action, will they force me to sell or can I buy out. I already have refinancing ready to go.
Asked on Mar 28th, 2017 on Residential Real Estate - California
More details to this question:
My ex and I bought a house. He moved out 5 months later. I have lived in the house for the last 2 years and have made all mortgage payments, approx 38k. He wants 50-50, but I don't think that is fair. I think I should receive credits for payments made. However, I am scared if I file a partition, the court will force me to sell even though I want to refinance and have the documents ready to go with the bank. Help!! Should I give him 50% of the equity or file a partition and hope the court let's me buy him out and give credits to me for mortgage payments??
1 ANSWER
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You'll have to bring a partition action for a court order to sell the property and to divide the proceeds equitably between the two of you. You can buy the house in the partition action from the other co-owner. You can get credits for payments made on the house, but you will also have to account for the reasonable rents that would have been due for living at the house. Hopefully, these even out.
Contact an attorney for a full consultation.
Answered on Mar 29th, 2017 at 3:26 PM