i just brought another house with my girlfriend and i need all the money i can get, paying toward the other house is a struggle.
2007-01-20 12:13:20 · 24 answers · asked by Anonymous in Family & Relationships ➔ Family
You can, but not without her consent.... You normally both have to agree, I think. How will your mom survive if you pull out of the mortgage?
2007-01-20 12:21:40 · answer #1 · answered by Nathan 3 · 0⤊ 0⤋
This is not right. You are wanting to back out of an agreement with your Mom on the purchase of a house. If you could , what kind of shape or finance burden are you now putting your Mom in ? Doesn't sound like you have a business head on your shoulders. The answer is NO, you can't just take your name off the deed and leave Mom holding the bag.
You had no business jumping into another such arrangement with a girlfriend. What are you thinking ?? I'm surprised that you where able to pull that one off. Live and learn and I want to add think to that because I don't think you are very clearly.
Good Luck to all concerned, Mom especially ~~~~~~Jill
2007-01-27 00:34:00 · answer #2 · answered by Jill ❤'s U.S.A 7 · 0⤊ 0⤋
Is your Mom going to lose her house if you don't help her with the payments. Could your Mom get a roommate to help her make the payments or would she consider refinancing. You made a commitment with your mom and you should discuss what you two should do about the house. This would have worked out easier if you would have discussed this with your mom before you bought the second house with your girlfriend.
Another alternative would be for you or your girlfriend to get a second job or a roommate to help you make your new house payment.
Taking your name off the deed and leaving your mom strapped with a huge house payment she can't make doesn't seem like the best solution.
2007-01-27 07:29:07 · answer #3 · answered by kindness 2 · 0⤊ 0⤋
The time to have voiced your opposition to it was before you signed on the dotted line. But, water under the bridge, and all that.
If you can't afford it, sit Mom down and talk to her about the possibility of selling the house, and splitting the profits. Then you will both be free to go your own ways without encumbrances. You can live happily ever after with your girlfriend, and Mom can buy a house with the proceeds from the sale that she can afford on her own.
Good luck
2007-01-20 12:26:02 · answer #4 · answered by Slimsmom 6 · 0⤊ 0⤋
Even if your mother agrees and you put the other house into her name only, the mortgagees might not agree to release you from your covenants under the mortgage - i.e. you might still be liable for the mortgage payments which would defeat the object.
It sounds to me as if you need to sell your share of the house, more to be free of the mortgage obligations than to get the money - obviously you will want your mother to be happy with that, but explain your position to her. Perhaps she might be able to raise enough to buy your share from you. This doesn't seem like a good time for her to be borrowing money though, with interest rates going up.
You would probably be best to consult an independent financial adviser and/or solicitor.
2007-01-20 21:37:06 · answer #5 · answered by Specsy 4 · 0⤊ 0⤋
You may want to research your own personel options and see if you can make it work. If you have no desire to keep the house you should discuss this with your mother. Can she afford the house on her own or should you both together put the house back on the market. I would think about refinancing either way to get it out of your name if she agrees or to get a monthly payment you can afford. This is not a good time nationally to be a seller in the housing market. Try to weather the storm to make gains later on with your home. Good luck!
2007-01-20 12:59:17 · answer #6 · answered by Paul McD 1 · 0⤊ 0⤋
Yes you can have your name taken of the deeds to a house,but if you have a mortgage with your mum will your mother be able to pay for the house herself?
Surely your not going to get her to sell it and give you half the profit are you?That would be a really selfish stroke to pull on her,just because youv'e bought another house with your girlfriend.
Girlfriends can come and go, but you only have one mother and you should respect her for that alone.
2007-01-27 14:09:07 · answer #7 · answered by animalwatch 3 · 0⤊ 0⤋
You can quit claim it over to your mom, but that will affect the taxes (they go up if the value of the home has gone up) but all that does is give the home to her. If you are on the mortgage she will have to re-finance the property and qualify on her own to get you completely out of the residence (liability wise). You better sit down and discuss this with your mom. If it were me I would do my best to budget and hang onto mom's with her. You never know how you and gf will end up.... Mom sounds like the better/safer investment.
2007-01-20 12:23:25 · answer #8 · answered by Tiffany 3 · 1⤊ 0⤋
Yes you can but not with out her permission and it will cost you.Also if your mum Can afford it on her own
Seek a solicitor with your mum and I'm sure you can do this as i had my ex husbands name taken off the deeds and put solely in to mine but it was at a cost
Good luck x
2007-01-21 09:09:28 · answer #9 · answered by littlemermaid_72 3 · 0⤊ 0⤋
Your name will still be on the mortgage. You can do everything you want to do but your mum will have to give her full consent in writing. Will your mum be able to afford the house on her own?
2007-01-21 01:51:44 · answer #10 · answered by Jackie 4 · 0⤊ 0⤋