I have lived in my coop for 3 yrs. went into it with my at the time 'fiance.' 10months ago he walked away from everything, I have been paying all the bills on my own. I have had my place on the market for past 10 months , had a buyer but they were denied by the board. ever since its i have no luck finding a buyer. My realtor feels I should try a short sale but my lawyer is advice me not to 1)... [more]
I have lived in my coop for 3 yrs. went into it with my at the time 'fiance.' 10months ago he walked away from everything, I have been paying all the bills on my own. I have had my place on the market for past 10 months , had a buyer but they were denied by the board. ever since its i have no luck finding a buyer. My realtor feels I should try a short sale but my lawyer is advice me not to 1) board most likely wont approve a buyer if its a short sale 2) it will damage my credit and I may have to pay out of pocket when it comes to taxes. I have spoken to my management about what it take for me to change everything over to my new bf (soon to be husband), they informed me I have to do a resale with him ads the buyer. This also means he have to go thought the board approval process which is costly.With cost of refinance and app. fee and lawyer it something we can not afford right now
I wanted to know would it be possible to:
1)have my lawyer write something up between my ex & I stating he left and hasn't payed anything and he gives up all rights to any profit?
2) then have my new bf move in to help with the bills and hopefully down the line we be able to go through the resale process. Since he is not on the stock/mortgage is it something that has to be brought to boards attention?
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Response by Isle_of_Lucy
almost 14 years ago
Posts: 342
Member since: Apr 2011
If former fiance is on the mortgage, he is responsibile for that mortgage. Period. If you go down, he goes down too. That's really not the best deal for you financially.
Attorney can write up a quit claim, but that would only protect you. Fiance would still be responsible for mortgage, and he would not get any of the proceeds on resale. Quit claim is most often used as part of a full divorce package, and it's unlikely former fiance would agree to it. If, however, he did agree to it, you could refinance the property (if you can afford it), and then it would be all yours. At that point you could have anybody you want move in and share the bills.
I hate to say "lesson learned", but you've been burned once by one fiance, why do you want to repeat the process with the new fiance? Wait until you are married --- at the very least, the board will likely look on you more favorably. And at the best, there may be a way to bypass the whole resale process once you are married. I don't know the legalities of that, pershaps somebody else on this board does. If one person owns a property, and bona fide spouse moves in, does a "resale" need to occur?
If former fiance is on the mortgage, he is responsibile for that mortgage. Period. If you go down, he goes down too. That's really not the best deal for you financially.
Attorney can write up a quit claim, but that would only protect you. Fiance would still be responsible for mortgage, and he would not get any of the proceeds on resale. Quit claim is most often used as part of a full divorce package, and it's unlikely former fiance would agree to it. If, however, he did agree to it, you could refinance the property (if you can afford it), and then it would be all yours. At that point you could have anybody you want move in and share the bills.
I hate to say "lesson learned", but you've been burned once by one fiance, why do you want to repeat the process with the new fiance? Wait until you are married --- at the very least, the board will likely look on you more favorably. And at the best, there may be a way to bypass the whole resale process once you are married. I don't know the legalities of that, pershaps somebody else on this board does. If one person owns a property, and bona fide spouse moves in, does a "resale" need to occur?