Greedy joint owner

[semicharmed]

What is the name of your state?What is the name of your state? Virginia

I am in joint ownership with soon to be ex-gf. When the house was purchased, with her signature(no money) and ALL my money we were able to buy. Separate, neither would have been able to get the house. I want to Refinance the note and buy her interest out and have her leave. I have offered what I believe to be a fair offer. Half the equity, minus my investment and she pay half the closing cost associated in order to get her money. I will pay all other costs associated with newly refinanced loan. She disagrees, says that she is not required to pay any costs associated. Isn't she legally responsible since she states her "half" ownership rights? I believe I am being more than fair and reasonable, since she claims HALF, shouldn't she then pay HALF to get HALF her money??? This deal is currently on the table and I need & can go to settlement by end of next week. She is stalling the process every step I take to bring closure. HELP

 

[BelizeBreeze]

If she doesn't like the deal then File Partition with costs and legal fees taxed to defendant.

 

[MortgageGuru]

Why should she pay half the costs? You are buying her out and it is your new loan. She would net out less than half of the equity by paying any of the costs.

 

[semicharmed]

Thank you BelizeBreeze. I had hoped to avoid the partition - 1-1 1/2 year process here in VA. I am curious tho, she said she does *not* have to pay it, IS this true? I honestly think I am being fair - I too, have to pay closing and prepaids (which I am not charging her). She invested nothing and is looking at a sizeable check. She stated that she would only leave if she was bought out or we sold. So, why, since I have to buy her out.. why shouldln't she have to pay? If we sold she would *share* all the fees, closing, allowances, etc.. then get half of whats left over.

MortgageGuru - I am netting less as well. If she wants to stand on her soapbox and preach "half" - it should follow thru to the end.. imho. I'm doing this to get her money, it costs something to get her money - why should she not bare some of the expense?

bottom line is - Is she required as joint owner to absorb half the costs?

 

[MortgageGuru]

Bottom Line is No. She doesn't have to pay a dime for you to buy her out. She assumed the risk by helping you buy a house. You want to retain ownership of the joint investment and it's future equity. Suck it up and deal with it. You wouldn't have any of it if it weren't for her help in buying it to begin with.

 

[BelizeBreeze]

And the point is, these are ALL questions for a judge to decide. That's why the partition action is necessary. Now, one question you have NOT answered is on what is her name? Is it the mortgage AND the deed, or just the Mortgage?

 

[semicharmed]

Thanks again to both for your responses.

She is *on* both, Mortgage and the Deed.

Closing thought- Those I have talked to have said; commonsense, equitable and logical people would consider it a fair outcome. But "technically" no, she doesn't have to pay. The fact remains, after all our discussions regarding the purchase, since I was undertaking the full financial burden, that in the end if this did not work – she stated that she would just want what was fair. But, then handshakes and peoples word are nothing more than feel good worthless notions these days. Furthermore, neither one of us would have been able to purchase this house *alone*, so equally we both brought something to the table. So it goes both ways – she wouldn’t be making/getting this money without ME. Where else can you invest $0 and in 3 years make over $73K.

I don’t care to lose any more money on legal fees, court and a lengthy battle – my luck the courts will determine she is ‘entitled’ to half my investment as well.