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Selling Both Houses |
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My boyfriend had to buy out his ex-wife quickly and has a high mortgage rate and high monthly payment. We plan to sell both my house and his. I will profit about 40,000.00 from the sale of my home - his needs some fixing up before selling. Should we use my profit to fix up his house or have him sell "as is" to get out from the high payment and high interest rate. We plan to buy a new house in my name as I have excellent credit. |
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What you're asking me is a personal decision and I can't tell you what to do.
I will caution you strongly, though, that if you're going to invest your money in someone else's property, you should have some written protection in case things go wrong. That's particularly important if your partner has credit problems. Just what it would be -- a second mortgage on that other house, whatever -- I can't tell you. I'm not a lawyer. But I get mail every day from people whose finances are entangled with another person's, and who write me after "things change" and they find themselves in trouble. If your boyfriend is a sensible person, he shouldn't be hurt by some caution on your part when it comes to risking your own money and credit. You need guidance from your own attorney at this important point in your life. |
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Edith
Originally published on June 3, 2008 |
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