In the state of WA.I am only 21 years old. I lived in it for 2 mnths prior to my bf and i breaking up. what a coincidence huh. his name is on the mortgage also. i moved back to TN to be with my family. When taxes come will there be anything that i need to know now that we are split and i am no longer living in it? will this effect anything? my name is still on the mortgage dnt know how to get it off. Do you have any suggestions on how to do this too? He can not refinace it due to low income. we made alot more together than split of course. He doesn't want to sell it nor do i want to live in it. what do i need to do in this situation? thankyou 10 pts to best helpful answer.
2006-11-03 08:00:09 · 8 answers · asked by maxossa1 2 in Business & Finance ➔ Renting & Real Estate
The mortgage is in both names and the mortgage holder expects to be paid. If your boyfriend can't make the payment, the mortgage holder will come looking for you. If between the two of you, the payment is not met then the mh will foreclose. The same with taxes. One or both of you pay or the city will seize the house for back taxes which will also initiate foreclosure. Either way, you both lose the house.
To get your name off the deed and away from both the taxes and the mortgage, you will have to sell your half to your ex. You say he probably can't swing that deal, so if you can't or don't want to buy him out, then the options are to either sell, or rent it out with half the profit coming to you and the other half going to him.
Good luck, but move fast before this screws up your credit rating.
2006-11-03 08:13:28 · answer #1 · answered by St N 7 · 0⤊ 0⤋
There isn't going to be an easy solution if the two of you aren't cooperating with each other. The Quit Claim won't relieve you from the mortgage obligations. The mortgage company would have to agree to release you but your boyfriend would have to qualify for the refinancing on his own. Refinancing is a lot easier than a new purchase so even with his low income he may qualify. The only factor is how long that you have been in the property. Someone will lend you money though if you keep looking.
The only other real option is to sell the property outright. If he is unwilling, then yes you are going to have to file a suit for partition and let the court order the sale as well as order the payments to be kept current pending the sale. You don't want him living in the place and not keeping the mortgage current.
2006-11-03 09:47:49 · answer #2 · answered by Sam B 4 · 0⤊ 0⤋
If you just want to walk away from it, the best and easiest thing for you to do would be to file a quit claim deed with your county register of deeds. A quit claim deed is where you are basically giving up your interest in the property and giving it to your ex. It will remove your name from the deed which means that since you no longer own it, you won't be liable for the property taxes.
I am not sure if this will also remove your name from the note, but it might help! You can certainly contact the holder of the mortgage and see...
Of course, this is just meant as advice, so please consult an attorney before making any decisions.
2006-11-03 08:25:11 · answer #3 · answered by Linda 1 · 0⤊ 0⤋
You should be able to do a "Quit Claim Deed" for the house, your bf will have to agree to do this. Your name will be removed from the deed, the mortgage is another issue. If he can't/won't refinance the house on his own, you may want to call the mortgage company explain the situation to them and se what help they can be. If the cannot help you, you may need to seek the assistance of a lawyer. Most lawyers do offer a free consolation. I hope this helps, Good Luck KG
2006-11-03 08:56:15 · answer #4 · answered by kgreives 4 · 0⤊ 0⤋
Great move you neck is so on the chopping block, I bet your rash and fast acting behavior like move after tow months and having your name of a mortgage had nothing to do with the split up.
Go charge up any credit card you have since you will be going bankrupt, and do not blame it on the ex or love it really is bad business decisions. I am relay not trying to be mean, but the truth does hurt i am sure. Best of luck
2006-11-03 15:10:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
well without a refinance your name is stuck on the note. the best thing for you since he wont sell is go to court and file for a partition. which means you can be released from liability, i dont know what you would have to pay if anything. or just have a attourney write a agreement if the ex is willing to, that states you have no further interest in the property so that you can no longer be held liable to anything. i hope this info helps. the best idea is contacting a attourney in any case.
Aaron Easter
Keller Williams Realty
Augusta Partners
2006-11-03 08:11:11 · answer #6 · answered by easter 2 · 0⤊ 0⤋
The property should be sold. As for the taxes and the mortgage for that matter, if he doesn't pay them, you are responsible too.
2006-11-03 08:22:37 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It's in your best interest to contact a tax consultant in WA...then you will have the right answer...
2006-11-03 08:05:14 · answer #8 · answered by Anonymous · 0⤊ 0⤋