Q: My ex- is on title but not the mortgage, how can he cash me out using the equity, and put the mortgage in his name?
My ex-business partner/boyfriend pretty much bulldozed me into putting the title of my investment property into a joint LLC, which he later removed me from after not turning in the partnership agreement to AZCC, took the title further by putting it into a corporation, so now the loan is detached from the house completely.
He’s been living in it for quite a while and finally is able to get a loan under his name, only this time he tried to do it without my knowledge.
What do I present to him that will cash me out the equity that I feel is mine and allowing him to finance it in his name? I would assume a regular purchase contract wouldn’t have the same lingo as a buy-out agreement?
A: I strongly recommend that you consult with a real estate attorney as soon as possible. This is not something that you should attempt to handle on your own in my opinion. From the facts you have disclosed it appears that your ex partner has already become the sole owner of this property. If this did not happen, it is unlikely that your ex would have been able to get a loan in his name alone. You need to take prompt action. Your attorney will learn all the facts and let you know your best options.
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