In March 06 my partner and myself bought a house, we have recently split up and i am wanting to remove my name from the mortgage. We dont want to sell the house as we are tied until 09. Thanks for any help given.
2007-02-05 01:53:26 · 6 answers · asked by LESLEY-ANNE M 2 in Business & Finance ➔ Renting & Real Estate
The ONLY way to do it is if your partner refinances the loan. A quit-claim only removes you from title, not financial responsibility. That answer about a deed of separation and endowment is completely wrong. The mortgage company could care less about that--legally you are responsible for repayment of the loan because you have a legal and binding contract. The only way out of it is to refinance (or sell). Good luck.
Rick Lanicek
Mortgage Loan Officer
http://www.fairwaymortgagelending.com
2007-02-05 02:39:33 · answer #1 · answered by Fearless Leader 4 · 1⤊ 0⤋
Have your partner refi the house and not put you on the new mortgage. You that can quit claim them the deed. This will take you off the house, but also give away any equity you may have. Have an appraisal done and if there is equity they could give you half when they refi.
Good luck
RE Agent,
Remax
2007-02-05 10:10:13 · answer #2 · answered by frankie b 5 · 1⤊ 0⤋
You have to get the company that you have your policy with to send you documentation to perform a deed of separation. So long as you both fill in and sign the necessary documents then you will no longer be held accountable or have any benefit due to the holding of the mortgage. Although your name will still be on the mortgage. I recently had to have my ex wife removed from the endowment after 19 years. After filling in the forms and having them countersigned by my ex partner. I sent them to Legal and General, my policy holder, and they sent me back a copy of the Deed of separation and a letter informing me that she was no longer responsible or could receive any benefit from the Endowment.
2007-02-05 10:09:14 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You will have to refinance the loan into your partner's name only. That will remove your liability from the loan. There is no other remedy (other than dying, and even then...). During the refinance process, you will also issue a Quit Claim Deed (QCD) in order to release your interest in the property. These two things are VERY different so do not think that only one will solve both problems. I see it all the time.
2007-02-05 09:58:35 · answer #4 · answered by David 3 · 1⤊ 1⤋
You have to get him to agree to this AND to take on the whole of the mortgage himself!
You will then have to get the Building Society to agree to this and they will arrange the statements and transfers to one owner/mortgagee!
BEWARE: If you agree to this and he then sells the house and makes a tidy profit - you will get nothing!
2007-02-05 09:58:14 · answer #5 · answered by jamand 7 · 1⤊ 0⤋
see a solicitor or ask on Y answers.
2007-02-05 09:57:05 · answer #6 · answered by Harriet 5 · 0⤊ 1⤋