Sharon_Stevens
New Member
My finace and I have been together for 10 years but are not still not married. We each have a house and for tax purposes all his address information has been left at his address. With the economy the way it is, it is becoming difficult to keep up with both house pmts. His house was on the market for a year and didn't sell and we can't really afford right now to do many repairs or upgrades to it. Because he made double payments for a while, he has around 50K equity in the house. It is appraised around 115,000.00 but he only got one offer of 100,000.00 a year ago and then the bottom dropped out. My credit is good, his is poor. My question is, if we get into trouble and risk losing the house, can he
1. Sell me the house for $100K and get the equity out of it and then help me make the payments?
2. Sell me the house for the balance on the note around $40K, let me finance it at a lower int rate because my credit is better, then whenever we can sell it we still as a couple would get the equity out of it.
I am wondering if either of these is against the law or unethical?? I realize both options sound like we need to have a solid amount of trust in our relationship to be comfortable!! We are in Texas.
1. Sell me the house for $100K and get the equity out of it and then help me make the payments?
2. Sell me the house for the balance on the note around $40K, let me finance it at a lower int rate because my credit is better, then whenever we can sell it we still as a couple would get the equity out of it.
I am wondering if either of these is against the law or unethical?? I realize both options sound like we need to have a solid amount of trust in our relationship to be comfortable!! We are in Texas.
