i bought a house with my boyfriend in 2005 for $200,000. we refinanced in 2008 with a local bank. it's an FHA loan. he is the primary. he moved out in 2010. my daughter and i have been living here, keeping up the payments on the house and making renovations to this day. the house is "under water" now, as we owe $187,000 and it was appraised at $164,000 and other houses on the street are for sale at $170,000. i would like to stay in the house for another three years, at least until my daughter graduates from pharmacy school.
my ex-boyfriend has recently informed me that he wants to sell the house so that he can buy a house of his own and would like me to refinance in order to get his name off the house.
the problem is....i'm self-employed, making around $90,000 a year, but my taxes don't reflect what i actually make, so i am unable to refinance alone and have no other support system or co-signers. i've tried to refinance with quicken loans and they declined because of the way i report on my taxes.
questions: can my ex-boyfriend force me to sell the house for less than it's worth?
is there any way to release him from liability on the house without a refinance?
thank you for your time.
1 Answer from Attorneys
Unfortunately, he could file a partition action and request the court to order a buy out or sale. You do have the right to fight this with the defenses you present, however, I'm not so sure you can win it. The law does not require him to stay "partners" in this house. Maybe you should see a CPA and weigh the options: refile your taxes the way they should be filed so you can refinance or take a loss on the house.