Posted by Jimmy on February 14, 2007 at 07:18:37:
this was a very predictable issue, if you thought about how the deal work for even 5 minutes…
do I have this straight? you put down a 30% dp. she put in no cash. she got mortgage in her name only? you have no personal liability on mortgage. [by the way, how is property titled?][and how did she manage to get 70% of the deal with no cash? you should have the lion’s share of this deal, and she should get the crumbs].
if I have the facts right, you are mostly correct. debt service is her baby. start with rents, subtract off an appropriate amount each month for allocated property taxes, insurance, and a reserve for repairs and maintenance. you should get 30% of that net amount.
it is COMPLETELY unfair that she got a free ride on your downpayment, took a grossly disproportionate share of the deal, and now wants a free ride to pay her mortgage.