2007-03-08 03:19:09 · 6 answers · asked by Curious_trouble 1 in Business & Finance ➔ Renting & Real Estate
Not many unless your friend either wants to buy out your half or is willing to sell the home and split the proceeds.
You could sell your half to someone else but I can't think of anyone that would want to buy half of a house.
Do you have any type of contract with this person as to what happens if one half of the joint ownership wants out?
2007-03-08 03:26:07 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
To get removed from the Deed, You have to get an prepare a Quitclaim Deed. This will remove from ownership, but not responsibility of any mortgage or loans against the property that you cosigned. In order to get off the loans you need to do the Quitclaim and then have your friend refinance the mortgage into only his/her name. If you want some of the money out of this home, you will need to be paid through the refinance. Let me know if you need help with this or have any questions.
2007-03-08 11:31:32 · answer #2 · answered by gabegillen 1 · 0⤊ 0⤋
You probably can convince your friend to buy you out, but you're at his/her mercy. They would have to refi to get your name off of the mortgage, then a quit-claim deed to remove your name from the title of the property, of course after you have negotiated a price for your interest in the house.
I would suggest that you tread carefully with your friend. They do not have the right to remove you from responsibility on the mortgage. This can only be done by the mortgage holder, at your friend's request - by attempting to refinance the mortgage solely in their name. You can't force the issue. Use tact and be reasonable.
2007-03-08 11:30:37 · answer #3 · answered by Insurance Biz CT 5 · 0⤊ 0⤋
Only two choices
One: Mutual agreement between you and your friend to dissolve the interest through a buy out of each other or selling the property and splitting the proceeds
Two: File a suit for the court to determine how it should be resolved.
Buena Suerte
2007-03-08 11:32:57 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
have the other person refinance the difference owed and the appraised value ant one half. Example Value $100k owes $80k they refi for 90 k and pay you your 10k or half equity. Only way to get off the current note.
2007-03-08 11:24:26 · answer #5 · answered by golferwhoworks 7 · 0⤊ 0⤋
Give your friend a legal notice and talk things out so you wont lose that friend. Find some one to sell your half to.
2007-03-08 11:24:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋