Q: As a single mother, I bought a house with my son about 10 years ago. We used both incomes to qualify for a mortgage and split the costs. A few years later, he began a relationship and his important others moved. In the end, I met someone and we want to buy a house. The problem is that you are not eligible for the loan because your existing mortgage is on credit. My son wants to be left in place. I don’t know what to do – help me! – Mary
A: There are options and a few.
First of all, it seems like everyone is getting along and trying to do this again together. The legal system has a solution to this embarrassment if you and your family are unable to work through this. But like most legal disputes, it is expensive and time-consuming and is best avoided if possible.
That being said, you both have to make some compromises.
Over the past decade, your home has increased significantly. This fairness means your son can probably refinance the loan with his important others and use some of the fairness to buy you. This will free your credit and help you with the down payment of your new home.
The downside is that the interest rates on new loans are high, and my son’s monthly payments are higher. Additionally, they will need to pay the housing costs without your help.
If your son’s income cannot support an existing home with the help of his important others, the other option is to sell the existing home and divide the fairness. He should be able to use the funds he receives for a more affordable home. You can do the same with your new love.
I understand that these options are not ideal and your son wouldn’t want to pay more for the same home or downsize, but it’s better than the alternative.
If there are multiple owners on a property and one person wants, the person can go to court and force the other person to buy them, or sell the property in a “partition” lawsuit. Masu.
It is inevitable that you will sell or buy real estate, so it is better to save the pain and costs of a lawsuit just to end in the same place.
Board-certified Real Estate Attorney Gary Singer writes about legal issues in the industry and the housing market. To ask him questions, email him at gary@garysingerlaw.com or visit sunsentinel.com/askpro.
Original issue: 6am Eastern Standard Time, February 13, 2025
