There are 3 of us, all "freinds", on the title but the mortgage only has one name on it. My "friends" are being dumb and I want out. If I move out what happens? Can I remove my name from the title?
2006-11-25 15:12:28 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If your name is not on the mortgage then you may not be liable for the debts incurred on the house.
If your name is on the title then you have a stake in the assets of the house.
It seems you are sitting pretty.
2006-11-25 15:16:03 · answer #1 · answered by anirbas 4 · 2⤊ 0⤋
OMG are you serious ??? You are in a pretty comfortable situation. If you are on the title that means that you have a right to the property. They cannot sell or do anything to the house without your consent. If they want to sell it, then they have to quitclaim you off. that is a legal document that you can get from a title or escrow company. Then this has to be recorded at the CITY 's recorders office , which costs around 12 bugs to make it official.
But since you are NOT on the mortgage that means that you have no responsibilities whatsoever in paying the debt. which is fabulous.
So now you have to be honest and fair, did you contribute anything to buying the property? if Yes, then you should have them pay you for your share and the quitclaim off.
If not, then you can just quitclaim off either way... but know that you are potentially giving up alot of money. Because depending on how long you have been owning this house, the property valure might have gone up and you could be eligible for a pretty big chunk of cash.
Make sure you dont sign anything without proper legal advice. find an escrow company close to where you live and have them help you out.
Hope this helps :)
2006-11-25 23:29:56 · answer #2 · answered by Armenianchick1978 2 · 2⤊ 0⤋
The only way I can imagine that your name is on the title but not the mortgage is if one took title and signed the mortgage and later signed over part of their interest. If that's the case, it means you are not personally obligated on the mortgage, BUT your interest in the house is still subject to the mortgage, meaning if they foreclose on it, you're a party to it, and it will appear on your record. However, if there's a deficiency on it, it will not affect you.
I think you might want to spend a few hundred and hire a lawyer. Find out the truth about the status of title. If you are, in fact, on title and they are going to screw up on the mortgage, simply Quitclaim it back to whoever put you on title and be done with it.
2006-11-25 23:59:34 · answer #3 · answered by open4one 7 · 0⤊ 1⤋
I would check with mortgage company to make sure that you aren't on there. If you are, your friends would have to get a new mortgage without you included to have you removed. I would call a title company to see what you need to do to get your name off of the title.
2006-11-25 23:21:31 · answer #4 · answered by blessedtexasmom 3 · 1⤊ 0⤋
If you're not on the mortgage then you're not responsible for the debt which I would assume is one concern. Unless of course you and your friends had an agreement outside the mortgage that you would all be responsible for the debt. An attorney would be able to draw up a "quit claim" taking your name off the title.
2006-11-25 23:17:53 · answer #5 · answered by MRabbit 1 · 1⤊ 0⤋
Being just on title is not a problem but did you put any money down to help purchase the property if you did you need to protect your investment and make sure taxes and insurance are being covered. You can remove your name but you need to find out what purpose your name was on their to begin with.
2006-11-26 21:58:33 · answer #6 · answered by petersenmarilyn@sbcglobal.net 1 · 0⤊ 0⤋
You can give them a quitclaim deed and take yourself out of the house picture, but have you been helping paying the mortgage? Then you are entitled to some of the equity. At the very least ask them to buy you out.
2006-11-26 18:44:39 · answer #7 · answered by bathagent 2 · 0⤊ 0⤋
why not kick your "friends" out.
yes, you are legally and financially obligated. your credit is the one that will suffer. the title is probably restricted since you have a mortgage, assuming you put the title up as collateral (most probable).
you can remove your name from the title, when you sell it.
2006-11-25 23:17:11 · answer #8 · answered by more than a hat rack 4 · 1⤊ 0⤋
the answere is yes, but why do you want to ?
you own 1/3 of the house, and you have no LEGAL (not moral) obligation,
move out, you have absolutely nothing to loose, and bux to gain.
if they want to be stinkers, tell them to buy you out at nest years price. if they are cool, sell at this years price.
depending on what dumb, means, in the legal section of the paper, you may file a notice of nontenancy. different jurisdictions recognize this.
all it has to say is i don';t live here anymore and state the effective date. this partially shields you from procecution id regular illegal activities occur.
it does not protect you from loosing the equity position you have , but so what. your equity is going to grow at no cost to you if you move out.
2006-11-25 23:24:58 · answer #9 · answered by elmo o 4 · 2⤊ 0⤋
You can do a quit claim deed. That will get you out, but it means you give up an right to equity if the others sell the house.
2006-11-25 23:21:34 · answer #10 · answered by tsopolly 6 · 2⤊ 0⤋