He wants to keep the house just in his name...and I don't want any part of it. What are my options?
2007-06-05 06:26:36 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Judy with answer 1 has an excellent answer and I recommend her advice
2007-06-05 07:08:28 · answer #1 · answered by Dan the man 3 · 0⤊ 0⤋
The best thing to do is settle on a price for him to buy you out - then he should apply for a mortgage in his name only - or the lender might allow your name to be removed from the current mortgage, you can ask. You can sign a quit claim signing over your interest to him. Warning - do NOT sign the quit claim without getting your name removed from the mortgage - that would leave you responsible for paying, but you wouldn't have a legal ownership in the house.
2007-06-05 13:31:39 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
This is why ppl should not buy a house while "shacking up", It's complicated to end.
If you can't committ to marriage, how can you commit to a mortgage?
If you are married, ignore and then it should be addressed by your divorce lawyer.
Oh and I'm pretty sure he will have to refinance in his name only to pay the balance on the mortgage. You have to decided how you will be repaid for you 1/2 of the equity.
2007-06-05 15:20:07 · answer #3 · answered by IHaveAQuestion? 3 · 0⤊ 0⤋
He needs to refinance. Very few lenders will allow him to assume your existing loan without a full refinance, but it's worth calling them to ask. Some will do so in a divorce situation. If they won't, your only option is to make him refinance where he's the only one liable for the new debt.
Do not, under any circumstances, listen to anyone who says that all you need to do is file a quit claim deed. All that will do is waive your rights to the property, while leaving you completely liable for the debt on a home you no longer have any legal rights to. Divorce attorneys still seem to be telling their clients to do this, and it's just dead wrong. No judge can wave his gavel and make your contractual obligation to repay this debt go away (excluding bankruptcy judges, of course).
So: See if current bank will allow him to assume the loan, by requalifying. If they do it, it's a few hundred bucks, but vastly cheaper than a full refinance. If they won't, then refinancing is your only solution.
2007-06-05 14:18:59 · answer #4 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
Your only option is for him to refinance the home in his name and for you to sign a quit claim deed releasing any ownership you have in the home. Just signing a quit claim will release your ownership interest in the home, but you would still be financially obligated on the mortgage until he refinances it in his own name.
2007-06-05 14:06:57 · answer #5 · answered by flamingojohn 4 · 0⤊ 0⤋
Your only option is to have him refinance the mortgage in his own name, with you quit claiming any ownership interest in the property. No lender will voluntarily remove you from the mortgage without your refinancing to get it done.
2007-06-05 13:34:12 · answer #6 · answered by acermill 7 · 1⤊ 0⤋
Basically, you own half of the house, and he owns half, so for example if the ouse is $100,000, you each own $50,000 of the house. You will both have to agree on a price for the house, then he has to buy your half from you. I went through three years ago.
2007-06-05 13:37:19 · answer #7 · answered by Anonymous · 0⤊ 0⤋