Legal Question in Real Estate Law in Minnesota
walking from house payments
How can I walk away from a house that I co-sign with my boyfriend. I need to end the relationship for my safety and my kids, but he says I will still be responsible for the pmt. We owe more then we could get to sell it and he will not try to sell now. Can I be held legally even if I want to sell? I need advice because staying here will ultimately get worse, but i am concerned about my credit rating and about obtaining another place to live. Thanks for any advice you can give me.
Shawna
1 Answer from Attorneys
Re: walking from house payments
You can't. If you signed on the mortgage, you are required to pay that mortgage. If your boyfriend does not pay, your credit is affected. If he defaults, the creditor may sue you for the payments. The only way to avoid that result is if the loan is refinanced into his name or someon else's name.
If you are both on the title, the only way to compel a sale or buy out is to file a partition action.
This is the prevcise reason that a cohabitaion agreement is critical for person purchasing a home together.
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