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So my GF of 4 years and i recently broke up. Basically she cheated on me with a bunch of randoms through Tinder like things and life is really kicking my rear end right now. After some weeks of wondering how i got into this mess, i have come out feeling a little better and need to decide what to do with the House, was hoping someone could help with advice? We bought a house only 6 months ago so barely anything has been paid off, I would say the house is probably valued at $520K and we owe $400K. The title of the house is in my name and the mortgage is in both our names. I dont think i can cover costs on my own, even if I do some extreme budgeting i believe i would be about $200 short a week. I dont think she wants anything to do with it, and wants to walk away from it all, however she is both entitled and responsible for the place as well. I should also explain that as we got a government grant type thing (First home owners) then at least one of us have to live her for another 6 months before being able to sell. I will also add that i live in Melbourne Australia, which is currently one of the highest cost cities in the world and the average house price is around $1 million, so I dont really want to sell the house as it might be the only chance i get to afford one! I will also add that i just turned 38 and it took a long time to get to the position of buying a house. My options that i see are 1 - Get some weekend work, maybe a boarder or something and just do my best to pay it off. When i eventually sell the house I can give her some money (if she agrees). 2 - Try to refinance in my name and pay her out (Probably unlikely as i would need to get a loan based solely on my income) 3 - Let her back in the house to help pay it off, but right now i dont want to even speak to her so this seems difficult. 4 - Rent the house out and get a smaller place for myself and just keep as an investment property (although that would mean going back to renting, plus i still need to be here another 6 months) 5 - ???? Any ideas? I also have the possibility of taking at least part ownership of my mothers house which is worth about $550K, and then possible working out some sort of refinancing thing there, but have no idea how that would work.
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Oct 11, 2017 02:51
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| # ? Apr 20, 2024 02:31 |
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I don't understand. If she moves out, why isn't she going to be paying her half of the mortgage still? As you say, her name is on there so she still owes you the money. If she wants to stop paying you half the mortgage payment then you should be entitled to take the house. You can give her a percentage when you sell.
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Oct 11, 2017 08:17
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Get some flatties in, even if its dreadful just keep your head above water until the 6 months is up
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Oct 11, 2017 10:26
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CelestialScribe posted:I don't understand. If she moves out, why isn't she going to be paying her half of the mortgage still? As you say, her name is on there so she still owes you the money. Yeah she is going to try and pay her half still, but she just spent two weeks in a Psych ward and I am not sure how she is going to go keeping up with repayments. I also dont really want to sell because at the moment owning a house anywhere in Melbourne is a huge struggle, i dont know if i would ever get another chance to get into the market. 504 posted:Get some flatties in, even if its dreadful just keep your head above water until the 6 months is up I am considering it, as much as i dont want to, however in this particular area I am about 45 minutes from the city and not close to Universitys or anything so actually finding someone to board in this area will be difficult, i see lots of people advertising rooms for rent for about $150 a week, which is not a lot and also doesnt seem like a lot of people are taking up those offers.
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Oct 11, 2017 12:14
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If you don't want to sell the house then get a raise, get a higher paying job, or get a second job.
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Oct 11, 2017 15:07
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Camping.. Intense! posted:Yeah she is going to try and pay her half still, but she just spent two weeks in a Psych ward and I am not sure how she is going to go keeping up with repayments. Keep that in the front of your thoughts whatever you decide to do. I'd go further to suggest that, no, she is never going to pay her half. She's cheated on you multiple times and is now in a psych ward. This situation is not going to improve. Even though the title is in your name, you should get legal advice to find a way to completely divest her of any claim. To be fair, if she has been contributing to the mortgage payments, you will likely owe her something - but perhaps only on the condition of sale. Do a search for "Binding Financial Agreement" in the state of Victoria. Horrible as it sounds, I'd get her to sign as soon as she's a 'healthy' adult again, no matter how fragile, because gently caress her. Do whatever you have to do to avoid defaulting. If that means selling and throwing away the first home owners grant, so be it. Your priority now should be on protecting your own long-term interests. At the very least, you need some sort of clean break. You simply can't remain in any state of legal entanglement with this person. And don't gently caress with the equity in your Mum's home. What if something happens to you?
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Oct 11, 2017 15:33
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You didn't mention kids, which makes things much easier. This probably doesn't make you feel better, but she really did you a favor but letting you know where she stands before having kids. That said, the whole psych ward thing adds a layer of complexity, which brings me to my next point: You really need to consult an attorney, maybe several. Every divorce attorney I've met will do a free initial phone consultation, and the advice you get during these chats will provide you with an amazing amount of clarity on your next steps. The more attorneys you consult with, the more (free) advice you'll get, along with differing points of view. You might consider retaining one if you can afford it. It sounds like you're locked into that house because of your grant, but if you can't afford the mortgage you'll want to be selling as soon as humanly possible. Renting is an option but presents a large risk, and if you don't get renters in there (or you get bad ones) you're still on the hook for the mortgage payments, plus paying for whatever place you're living in while the renters live at your house. Start collecting and saving evidence of your wife's infidelity. And seriously. Call an attorney. Call three. Do it now.
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Oct 11, 2017 20:26
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Camping.. Intense! posted:I also have the possibility of taking at least part ownership of my mothers house which is worth about $550K, and then possible working out some sort of refinancing thing there, but have no idea how that would work. You don't want to take ownership of *anything* at this point. I don't know how things work in AU but she might be entitled to half of whatever you own. Attorney attorney attorney.
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Oct 11, 2017 20:28
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Girlfriend, or wife? Post says GF, but clearly the context of the rest suggests marriage. In any event, work extra hours or a second job, take in a roommate, and though this may be unreasonable, would your parents be able to help out financially until things become stable?
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Oct 11, 2017 22:48
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Moneyball posted:Girlfriend, or wife? Post says GF, but clearly the context of the rest suggests marriage. No not married, and no kids, neither of us wanted to start a family with both our histories. I dont really have any family, only my mother who also has mental health issues and herself is currently in a psych ward because of the stress she is going through about my relationship.. Sigh. My mother did offer however to add my name to the title of her house to give me more equity as she is completely broke but owns a house she inherited. I am not sure if this can help in anyway? I am already looking into extra weekend work and its possible but unlikely i can get a tenant in our area, the problem is that my Ex is still entitled to half even if i continue to make the mortgage payments on my own, right? I am due a pay increase also, so i might do what i can to push that along. I have looked into legal advice, so thanks to those that suggested it because i didnt really think it was necessary, but seeing as my Ex is not of sound mind and could possibly just fall off the face of the earth if she wanted to i probably need to get some advice at least (She has almost no identification and no other debts) There are some free legal aid options which i will contact after work today.
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Oct 12, 2017 03:59
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| # ? Apr 20, 2024 02:31 |
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Australian checking in here. How did you go with legal aid? Some specific questions just to make sure on the basics: 1. Presumably the property is a Torrens title? I know you said your name is the only one on the title, can you confirm you definitely didn't purchase as joint tenants or tenants in common even? 2. Mortgage - similar deal, have you gone back through your documents to check if you co-signed as mortgagees and the loan isn't a 50/50 split facility? 3. Your relationship - know you said you weren't married, but do you guys meet the definition of a de facto relationship? This is important for figuring out how you disentangle yourselves and if Family Court is available to you: http://www.familyrelationships.gov.au/BrochuresandPublications/Pages/propertydivisionwhendefactorelationshipsbreakdown.aspx Financial stuff: * Housing market is insane in both Sydney and Melbourne. However there are some signs of a cool down happening right now. If you decide to sell, you're very likely to not be able to sell for what you paid (especially because you're now selling under pressure). * Additionally, with the First Home Owners Grant, you stand being on the hook to repay the grant amount as well as any duty/tax concessions you were eligible for. Also you need to inform the state government when you won't be able to meet the residency requirement. Now, the thing is the advertised criteria is that you INTEND to live there for 12 months. Check if they will make exceptions for relationship breakdowns, etc. http://www.sro.vic.gov.au/first-home-owner * How did you get your loan? If you have a good relationship manager with your lender, you may be able to get some temporary relief measures. * Putting your name on your mom's house - if you're equally liable with your ex for your mortgage repayments, and you refinance your mom's property, you'll just put her equity at risk as well. * Renters, both while you are living in the property or otherwise - only thing I will also point out is that this could potentially mess you up for the main residency CGT exemption if/when you sell because it will have been an income producing asset. Get tax advice before you do this! * Follow on to the above - you could look into moving back in with your mom and renting out your entire house, instead of just rooms. You said that you don't live near the city or universities so unlikely to attract good boarders. But what about parks, schools, etc? In theory you could get better quality of tenants because young families, etc want a whole house, not rooms in a shared house. This might help if you have to look after your mom rather than constant travel between your house and hers.
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Oct 26, 2017 03:08
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