Expert: Hans Weber, Licensed Broker Associate - 9/19/2008

Question
Hello! in March of 2007 i bought a 235,000 house with my boyfriend in Delaware. I put 10,000 of my money down on the house. We broke up January of 2008.  Since then i have been splitting the mortgage and the house has continued to drop in value.  As things stand right now he is trying to get the house refinanced into his name.  It is my understanding that since we were never married our accounts were never joined that upon him refinancing the mortgage, that he is required to buy me out of the mortgage and pay me back the 10,000.  Is this accurate? He does not think so, he thinks that i am not entitled to this back.  Is this something that will need to be consulted by a lawyer?  Please help!! I'm fed up with this whole mess!!

Answer
Hello Kimberly,

Thank you for your question.  It sounds more like a complicated legal contractual question, but I will give you some input.

If you bought the house together did you have a contract or written agreement?

Are you both on the deed and the mortgage?

If you just loaned/gave him the money towards the downpayment maybe you could show proof and try to sue him for it.

If the house and mortgage are in both names you are better off.  The bank won't let one person get off the mortgage without being paid back first.

If the value went down and he also put in 10000 and the value went down 20000 say, then you both lost the equity, but buying you out gives him the future value, but only he will be paying the mortgage from then on.

I think you need to speak to a lawyer about what you two originally agreed to.

Good luck.

Hans