Legal Question in Real Estate Law in Colorado
Assumption of Loan years after
Two parties enter into a loan for a house and timeshare property prior to marriage. The parties are never married, part ways and one party keeps the home and timeshare, and makes 100% of payments for both properties after seperation. What is the second party entitled to, upon assumption of loans by the first party, as restitution if any?
Details are that payments are well documented as coming from one party's accounts. For over 50% of the life of the loans 2nd party has made no payment or contribution to any payment or any effort to contribute to any payment. What documents will the person assuming the loan need signed by the 2nd party to assume the loan(s)?
1 Answer from Attorneys
Re: Assumption of Loan years after
Let's start with the house. Since your post does not state this, I will assume that the title to the house is held in both names as tenants in common.
This means they have joint legal rights and you either must assign (an agreement) the rights or, if you cannot come to an agreement, an action should be filed for partition of the property.
As for the timeshare, that varies on the nature of the rights provided in the timeshare arrangement and cannot be answered without a review of the documents.
Additonally, you would need the written approval of the lender to remove a party to the original loan.
If you can come to an agreement, contact an attorney to draft up the appropriate assignment/purchase agreement for both matters. Good luck.
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