Legal Question in Real Estate Law in Georgia
I live in the state of Georgia. Two years ago, my partner left me, moving out of the house of her own free will. I purchased the house in 1986, and put her name on the mortgage in 1993 when we refinanced. After she left, I made all mortgage payments and paid for all upkeep of the house. Now she wants a buy out, and told me if I won't come up with 40% of the home's value, she can get a court petition for the house to be put up for auction.
I have always made ALL mortgage payments in my name, and she paid me by check monthly for half the mortage from 1993-2007. I have NEVER been late with a payment, so how could my house be auctioned off?
I simply do not have that kind of money. She told me to refinance and give her the equity, but I don't won't to extend my mortgage, as the house will be paid off in full in four years. What can I do? HELP! I don't want to lose my house.
1 Answer from Attorneys
If you put her on the deed (as opposed to the mortgage), then you made an irrevocable gift of half the home, and, absent a written contract to the contrary, you and she each own one-half. In a partition, a sale is forced and each person usually gets one-half. Given that you have nopt told us what your written contract with your partner says (and surely you did not do this without one) I can't tell you if the contract may have better news. I'd have to see your written agreement to evaluate that.