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Updated 7 months ago on . Most recent reply

User Stats

17
Posts
3
Votes
Dan Green
  • Investor
3
Votes |
17
Posts

Partnership Issues / Landlord Summons

Dan Green
  • Investor
Posted

Hey everyone. I've run into a situation that appears to be unique and need some advise.

Over a decade ago a friend and I bought a house together. After we signed for the mortgage, he decided not to move in even though the conditions of the mortgage required him to do so. His & my verbal conditions were he move in and we'd take care of bills combined while I took care of the mortgage for the year, then I'd refinance. I didn't say anything about him not moving in and for that year I struggled to cover the regular bills myself causing late mortgage payments and other things. I made it by, but was never able to refinance due to various circumstances and none of the mortgage companies (it switched quite a bit) allowed a loan assumption to put it solely under my name.

Recently, he sent a summons to the property (which I no longer live in) and the tenants sent it back as wrong address. I live in CT and wanted to make sure this would be enough to at least pause it considering he didn't send it to my home address.

I will honor my agreement of refinancing or doing a loan assumption as soon as I'm able (I've been trying excessively over the past decade), however if he does force a sale, can I tack on the fact that I've paid all expenses including the mortgage for the past now 13 years to demand he reimburse me half, or is he entitled to half the equity and I'm just screwed out of everything I've put into the house? There's no written operating agreement, so can I hope the city will split the equity minus expenses down the middle and give me credit for what I've already put into it?

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