Do I foreclose?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
I bought a house with my French fiance' 2 years ago. 1 year ago, he left me to move to Canada to be with his kids and left me with the house, to pay for myself. I am the only person listed on the mortgage, since he wasn't a US citizen and had no credit history to get a loan. We are both listed on the deed. In the year we've been apart, he has paid nothing towards the mortgage or expenses. I have no money left once I pay for the mortgage and bills. I tried to refinance, but because his name is also on the deed (he put up the downpayment so thought this was right) he has to sign a power of attorney to let me refinance but won't do so. In the meantime, this house is for sale. I found another I want badly in my price range. Someone recommended I get a bridge loan and once I am in the new house stop paying and foreclose on this one. I have a perfect credit rating right now and have tried for a year now, to sell the house I'm in.
Do I foreclose?One possibility is to force a sale of the house. As an owner you have an absolute right to sell and another owner can not stop you. However, you have to file a partition lawsuit and get a court order to do that. First you should try to buy him out and if that doesn't work out then file the suit. The threat of a partition lawsuit should move him to do something because he could wind up with less than he thinks he is going to get. I am assuming he wants his down payment back although you have not mentioned what he wants out of the deal.
More Related Questions and Answers ...
The loan information post by website user , we not guarantee correctness.