separation house in neg equity

R

railroaded

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I am applying for an annulment on grounds of coercion.My partner
invested 50k in the house in 2005 I invested 300k.It is now 20k underwater.
tenants in common agreement 2/3 me,1/3 him in place prior to marriage.I have one child not
his aged 8. 20k arrears due to job losses.On interest only.will I have to buy him out?
 
was the 50k and 300k invested cash?
What is the balance of the mortgage and what is the value of the house.
Can you sell the house?
 
The 'investment' monies are gone. There is negative equity of 20K so there is nothing to buy out. Both you and your partner owe the 20K. He should be willing to sign the house over to you in lieu of you taking over the mortgage which is higher than the value of the property. Otherwise you sell the property and both of you find the 20K to repay the bank.Presumably the mortgage is in both your names so you are both 'jointly and severely liable' for the amount of the mortgage meaning that if one of you doesn't have the money the other one will have to pay the full amount.

Firstly you have to decide exactly what you want and what you are willing to give. Being polite, calm and accommodating will in general go a long way to you achieving your aim unless the other party is not willing to play ball. Then you have to be tough and sell.
 
My laywer feels the judge will be happy to transfer legal and beneficiary rights of house to me.Partner has indicated willingness for straight transfer.The problem is the bank.should I try to negotiate myself? Bring a tough accountant/legal person with me or
leave it to my laywer to talk to them on my behalf.I really want to keep the house.
 
I wouldn't consider it the place of your lawyer to do the negotiation with the bank.
 
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