Legal Question in Credit and Debt Law in New York
mortgage and loan with my fiance
In 2001, my fiance and I found a house and bought it together. Last year his children moved in and he has charged things right and left to his credit cards. His children see a psychotherapist weekly. When his car engine blew this year (2003). The bank would only issue the loan for another car if it was under my name. I agreed as we needed the 2nd vehicle. He wants to apply for a home equity loan, split the money from the loan, pay off the car with his share, but I have gone through so much stress over the past year with his children that I don't want to be with him any longer. But I don't want to be responsible for the mortgage payment and car payment, since I won't be living here and I won't leave without any funds to pay off my debt that he has forced me to incur because his bad spending habits. He most likely won't be able to refinance because of his $30,000 in credit card debt. There is about $40,000 in equity to be had from a Home Equity line of credit (per our financial institution). How should I proceed?
4 Answers from Attorneys
Re: mortgage and loan with my fiance
Sell the house, pay off the debts and take your profit. If he refuses, ask him to by you out. If he refuses, speak with an attorney about a partition action where the court will force a sale
Re: mortgage and loan with my fiance
You have several options. They are a bit too complicated to explain in a short e-mail. Call my office at 718-888-3108 for a consultation. Before you call, be sure to have a current appraisal and payoff figures from the bank.
Neil Colmenares
Re: mortgage and loan with my fiance
If the mortgage and the house are in both your names, he can not refi without your signatures. His creditors will eventually get a judgment against him and lien the house and you won't be able to sell w/o paying his judgments off. This would effectively remove any equity you have.You need to sell the house ASAP. If he refuses, ask a judge to force the sale. As for the car, if it is under your name, take it back and sell it before your credit is ruined as well. The car belongs to you and you do not need his permission to take the car. I highly recommend you separating your financial-self from him. With $30K in c/c debt he is heading towards bankruptcy. Good Luck!
Debra Palazzo 914 961-7800
Re: mortgage and loan with my fiance
This is a difficult situation. You have stated that you are both guarantors of a mortgage and a car loan. Further, you now seek a divorce and want to untangle your financial affairs pursuant to that action. In my opinion, this is largely a marital law question. you are welcome to a consultation for no charge at my office at 42 west 44th st, ny,ny. please call for an appointment-646-591-5786.
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