My now ex-fiancee (Frank) and I bought a house together 3 years ago. Frank's parents loaned us $30,000 to put down on the house. Frank and I signed a contract that they made saying we would pay back the loan in installements and that we were both liable for the loan even if one of us moved out.
A year ago Frank and I broke off our engagement and because of Frank's financial situation (he had no money and a very low paying job), I refinanced the house in to my name and paid back all but $9000.00 of the loan to Frank's parents. I couldn't get more financing on the house to repay the full amount because the year before Frank and I split we took out an equity line. Money from the line went to pay off $10,000 of Frank's credit card and medical debt, I also paid off $2000 of my own credit cards. Majority of the time Frank and I were together I paid the mortgage, utility bills, sometime his credit cards, and I made payments to the equity line.
I am now trying to sell the house, I have to price it fairly high to pay off the refinanced amount plus the $9000. I would like to lower the price, but to do so I would have to get rid of the $9000. I think that since $10000 of the equity (there was only $4000. in equity after I closed which went to repairs on the house) that would have been in the house went to pay off Frank's bills he should be responsible for paying his parents the $9000. I originally told Frank's parents that I would get the money to them by December (at the time I was just trying to get things settled so that I could move on, it was a difficult break-up because Frank was not cooperative). Frank now works for his parents and lives in their house, (they all moved to FL 2 months after I refinanced the house which is in IL).
I expect a call from Frank's parents at the end of December asking about the money. Could I lower the price on the house so that it might sell (I have not had a single offer in 3 months and only 1 viewing) and ask Frank's parents to ask him for the money. If I lower the price and sell the house would Frank's parents be able to sue me for the money. Would I be able to sue Frank if his parents sue me? Also my real-estate agent says she can't lower the price of the house lower than what I owe on the house? Would the money I owe them stop me from lowering the price? Am I legally responsible for the $9000 just because the house is now in my name?
A year ago Frank and I broke off our engagement and because of Frank's financial situation (he had no money and a very low paying job), I refinanced the house in to my name and paid back all but $9000.00 of the loan to Frank's parents. I couldn't get more financing on the house to repay the full amount because the year before Frank and I split we took out an equity line. Money from the line went to pay off $10,000 of Frank's credit card and medical debt, I also paid off $2000 of my own credit cards. Majority of the time Frank and I were together I paid the mortgage, utility bills, sometime his credit cards, and I made payments to the equity line.
I am now trying to sell the house, I have to price it fairly high to pay off the refinanced amount plus the $9000. I would like to lower the price, but to do so I would have to get rid of the $9000. I think that since $10000 of the equity (there was only $4000. in equity after I closed which went to repairs on the house) that would have been in the house went to pay off Frank's bills he should be responsible for paying his parents the $9000. I originally told Frank's parents that I would get the money to them by December (at the time I was just trying to get things settled so that I could move on, it was a difficult break-up because Frank was not cooperative). Frank now works for his parents and lives in their house, (they all moved to FL 2 months after I refinanced the house which is in IL).
I expect a call from Frank's parents at the end of December asking about the money. Could I lower the price on the house so that it might sell (I have not had a single offer in 3 months and only 1 viewing) and ask Frank's parents to ask him for the money. If I lower the price and sell the house would Frank's parents be able to sue me for the money. Would I be able to sue Frank if his parents sue me? Also my real-estate agent says she can't lower the price of the house lower than what I owe on the house? Would the money I owe them stop me from lowering the price? Am I legally responsible for the $9000 just because the house is now in my name?
