Ok, so I was a tenant in a place that I had lived in for a year, when the property management company informed me that the owner wanted to sell. I loved where I lived, and the price was right.. But, having had some credit issues as well as being self employed, I could not qualify. I looked into having a friend co-sign, but the paperwork would only go through if the loan was entirely in his name. So that's what we did. I came up with the down payment and covered all expenses, and he put his name on the loan. In order for me to pay the down payment, however, I had to gift him the money first. Since then, I have made all the mortgage and insurance payments, and he has gotten the tax benefits. However, we have not come to an agreement as to what our split will be of the property. Neither of us could have done it without the other. Fortunately, the property has appreciated in value. But we are wondering what other people have done in situations like this. Here are the numbers: put down 26 k on 209 sales price, and value has gone up to approximately 255. What is a fair agreement if we were to sell now, and what is a fair agreement if I live here until mortgage is paid off?
Submitted March 19, 2017 at 12:30PM by helpusfigureitout http://ift.tt/2nGoek5
