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Jessica
Consultant
Chris The Lawyer, Expert
Chris The Lawyer, Expert
Chris The Lawyer, Expert
Chris The Lawyer, Expert
Chris The Lawyer, Expert
Chris The Lawyer, Expert
How long have you been together-the Property Relationships Act gives each of you a half share in the relationship property, but if the house is owned by a family trust it may fall outside the Act, because it is not his property but owned by the trust
Chris The Lawyer, Expert
That would appear to show you have little security for the loan now
Chris The Lawyer, Expert
He still would appear to owe you that money, but how can he pay you? I would be concerned you have lost your money
Chris The Lawyer, Expert
Is he earning a good income?
Chris The Lawyer, Expert
I assume he will need to borrow to build the new house-you could take a second mortgage, because otherwise there isnt any equity for you.
Chris The Lawyer, Expert
You appear to be offered by him to help him support a new and substantial mortgage, which you would be equally liable for, and forgo your previous loan, as he cannot pay. Frankly it is not a great deal. I had suggested if his trust buys the next property then you take a second mortgage as mortgagee as security, but that may not work, as the bank may not permit that
Chris The Lawyer, Expert
Chris The Lawyer, Expert
You have some difficult decisions ahead of you