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My ex and I bought a condo in Aug 2012. I lived there for around 4 months and we broke up. I still paid for the condo until May 2013. I have a new gf and need my name off the condo. What am I entitled to if her dad gave us 17000 as a gift with a gift letter to us and we out down 1000 each. I also put work into the condo. Both names are on the condo, so am I entitled to half of the equity? She's saying that she has a case against me because I left.
This is not a real estate question. This is a legal question. Your need an attorney.
You ex is ex- what. Ex- wife, ex-girlfriend ?? If an ex-wife read your divorce decree as to who gets what. If an ex-girl friend, then you really need an attorney now. There really is no way of getting around hiring a lawyer unfortunately.
Gather up copies of your deed to the condo, your mortgage note papers, the name of the lender servicing your loan, proof of the $ 1,000 you and your ex paid, plus proof of what her father gave you and she as a gift. Take it to an attorney and have him give you advice.
Last edited by willow wind; 03-22-2014 at 10:08 AM..
Good advice from willow wind. You definitely need a good lawyer, not real estate/mortgage advice. Best of luck though, it sounds like a stressful situation and I hope you are able to come to a beneficial solution with your ex!
What are you entitled to? You should ask your attorney what you're potentially liable for.
If your name is on the mortgage, you're still on the hook for that. Unless you and your "ex" can work out a settlement, you'll probably need to force a sale of the condo, as your attorney seems to be working towards. (I'm assuming it's an ex-girlfriend since, otherwise, this should have been taken care of in a divorce.) With a forced sale, it's likely that you'll have to sell for less than market value. So you may or may not be able to recoup any equity.
The letter from your attorney to your ex sounds like a typical first-round threat. If she could only put down $1,000 towards the purchase, though, it's unlikely that she'd be able to buy you out. A quick sale may be unlikely, too. This could be headed to court so it may drag on for a while. Check with your attorney first, but it sounds like you'd be better off trying to make a deal with your ex to get this resolved one way or the other. Don't expect to get everything you've put into the place--you might not get much at all, if anything. You'll be lucky if you don't have to pay more. (How much will your attorney cost is this drags out?) I guess you'll have to chalk this up as one of those "life lessons" you hear about. Hopefully, you'll learn from it.
WHOA!! I just re-read your post before sending this! It was HER father who gave the $17,000 gift, not yours. You're being an ass. Quit claim your interest to her and move on (provided you can get off the mortgage). At most, ask her for $1,000--the amount of money you put into it. Or just continue paying money to your attorney so he can make life miserable for both you and your ex.
Last edited by jackmichigan; 03-24-2014 at 07:40 AM..
What do you want? You do realize that there may be very little equity (if any) in the condo. Your best bet is to get yourself off the mortgage and quit claim your interest in the condo to her. Get your name off and move on with your life. The longer you drag this out, the uglier it gets down the road. Last thing you want to a few years from now when you decides to get a morgtage and come to find out that you can't because you are still on the hook for this one.
The $1000 you put down.. think of it as an expense for a lesson learned.
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