My boyfriend and I bought a house together about a year and a half ago, a few months after buying the house we broke up. He wants to keep the house. Will he have to get the house refinanced to get my name off the house or is there another way to get my name off without refinancing it?
2006-11-27 05:56:18 · 10 answers · asked by brooke 1 in Business & Finance ➔ Renting & Real Estate
There are two separate issues: 1) getting your ex clear title and 2) removing your liability for the existing loan.
Getting your ex clear title is as simple as a Quitclaim Deed, from you and him jointly to him alone. However, if you do this before he has refinanced you off the loan, you lose your best and easiest leverage to force him to do so. If you just sign a Quitclaim, you are still responsible for the loan. If he defaults (or even just makes some payments late) it will hurt your credit. The only way the lender will agree to release you from responsibility is if your ex proves that he qualifies for the loan on his own. In most cases, this essentially requires a refinance, particularly if you are entitled to some of the equity.
2006-11-27 08:25:42 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
There are a couple of ways to go about this. First, he could get the house refinanced in order to remove your name from the mortgage/deed of trust. Or, depending on your lender and the terms of your note, he could do a simple assumption-which means basically that the terms of the note stay the same, but you are not liable for the note any more.
Either way, you will still need to provide a Quit Claim Deed to remove your claims from the property. I would recommend that you wait on that until your ex has everything worked out with the banks, but that's just my opinion. Good luck on this, I hope it works out.
2006-11-27 06:05:00 · answer #2 · answered by Sithein 3 · 0⤊ 0⤋
Funny, I am going through the same exact situation. I talked to the mortgage loan officer today as we speak. If you dont want the house and just want out without getting a part of what you put in. He wont have to reinfince because his name is already on the loan, so all you have to do is sign the quick claims deed. I forgot her a queastion, so if you can reply put it on the details,PLEASE. I f you reinfinace, do you have to put another down payment down????
2006-11-27 06:45:37 · answer #3 · answered by louise23 2 · 0⤊ 0⤋
Refinancing is probably the easiest way, but I think getting a lawyer and him buying you out is more in your best interest.
2006-11-27 06:04:13 · answer #4 · answered by GirlUdontKnow 5 · 0⤊ 0⤋
To get your name off the mortgage, he must be able to refinance the balance of the loan by himself OR get a new co-signer, maybe his parents?
Do not just sign a quit claim deed! It removes your name from the deed, the actual property rights, but you are still liable for the mortgage.
2006-11-27 06:08:00 · answer #5 · answered by upside down 4 · 0⤊ 0⤋
what ever you do, just get a lawyer.
He can buy you out to get your name off the house but I don't think refinancing will completely remove your name off the house.
Either or- both of you are going to have to spend a little money and have someone professional do it.
2006-11-27 05:59:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋
every time thinking a refinance you may seem heavily on the fee of the abode as against the loan stability. some areas interior the country have suffered a severe devalualtion contained available value of the abode. Have a Realtor pull comps on your area to be sure what the present marketplace value is. Then touch a excellent loan broker service to save costs. despite you pick do not borrow greater advantageous than 80% of the fee of your abode...you pick that cushion to permit for marketplace united statesand downs. solid success!
2016-10-13 05:21:15 · answer #7 · answered by dudik 4 · 0⤊ 0⤋
He can get you to sign a Quit Claim Deed. Have him buy you out. See a lawyer to handle this for you.
2006-11-27 06:17:12 · answer #8 · answered by Anonymous · 0⤊ 0⤋
If your name is only off title, you can quit claim it off. If you are on both motgage and title, you will need to refi it out of your name.
2006-11-28 05:32:01 · answer #9 · answered by Jeff D 1 · 0⤊ 0⤋
You could sell the property and spilt the proceeds.
2006-11-27 06:18:16 · answer #10 · answered by boston857 5 · 0⤊ 0⤋