what if I wanted to have my name removed from the house I bought with my boyfriend and he was okay with that? what's the process?
2007-06-18 04:02:49 · 15 answers · asked by smiles_amile 2 in Business & Finance ➔ Renting & Real Estate
If you take your name off the title, you will still be responsible for the mortgage. It is not a smart move to give up ownership while still owing and being liable for payments but I suspect your boyfriend knows this.
If you want out, you should speak to the lender first and see if you can get out, otherwise you are still liable but gave up title rights which is crazy but your choice.
2007-06-18 06:07:32 · answer #1 · answered by Nancy 4 · 0⤊ 0⤋
Dangerous move but not one without a way out. It happens. What you would need to do is file what is called a "Quit Claim Deed". This can be done by an attorney or a title company, depending on which state you live in. The easiest way to do it would be to use the same company that did the closing when you purchased the home. They would already have all your home's title information on file. The cost varies as it is a legal document that would need to be filed at your county courthouse, but it will release all legal ownership and responsibility for the property. If your boyfriend is willing to do this to let you out of it, then all you'd have to do is have both of you sign it after it's been drawn up.
Make sure there are no contingencies that would have you paying anything to release this "Quit Claim Deed". If you two also got the mortgage together, the only way to get your name off that is to refi, incase you were wondering. Hope this was helpful.
2007-06-18 04:10:10 · answer #2 · answered by logic_150 2 · 0⤊ 0⤋
My husband and I purchased our first house before we were married. We were engaged at the time, and had already merged our bank accounts, so it was almost like we were married. Still, I think it would be a good idea to purchase a house if you have the means to do so, as getting into the market early is ALWAYS a good idea (I am in the Real Estate business, by the way) and interest rates are good right now. The only thing I would MAKE SURE OF, is that both of your names are on the title, so that if something happens and you don't get married, you will both be financially protected.
2016-05-18 14:06:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It's very easy..just get a quick claim form and re-register the deed.
I'm sorry, after reading the other answers about Mortgage and loan I didn't think that would be the case. I've never taken a loan to buy a house. If you went that route....well, unless you have bad credit and it had nothing to do with the decision of the loan. Then you might have a chance. I would take care of the loan first before signing your name off the deed.
2007-06-18 04:06:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I'm assuming he is now your ex-boyfriend and you aren't living in the home. Your ex-boyfriend will probably have to refinance the home into his name only. Usually the original mortgage holder doesn't want to release you of your responsibility because if he defaults on the loan they can legally still come after you. It's important for you to get your name off the mortgage for several reasons. The first is you have no way of knowing if he is staying current with the payments. If he is missing payments, it will reflect poorly on your credit report. Also, the debt will continue to show up on your credit report and even if he is making the payments it will affect your debt to income ratio and make it harder to qualify for a mortgage or car loan or any loan for that matter in the future.
2007-06-18 04:17:17 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Start by calling the county clerk and recorder. He/she should be able to answer your question, or direct you to the person that can. You may have trouble, unless you own in outright. However, if you have a mortgage, it was likely based on both your incomes, so Your ex may have to find new financing based only on his income. Good luck. Oh, and did you learn your lesson? Never make a large purchase like that with a boyfriend. Wait until you have a marriage contract.
2007-06-18 04:10:40 · answer #6 · answered by Zuker 5 · 0⤊ 0⤋
Contact the bank first. see what the process is to get you removed off the loan. To get you off the title you'll need a lawyer but I would do that till after you find out from the bank.
2007-06-18 04:06:49 · answer #7 · answered by the_monamayfair 4 · 0⤊ 0⤋
That depends on how the title and mortgage are set-up. In most cases, the names on the mortgage have too also be on the title. Contact your local (city or county) auditor. They can point you in the right direction to get the paper work filed.
2007-06-18 04:07:40 · answer #8 · answered by Just Life, Trying To Live It. 5 · 0⤊ 0⤋
If you used a lawyer for the house ... call and ask him advice about it. He will tell you what to do. In any event the debt sharing of the house will always remain with you no matter what happens.
2007-06-18 04:55:19 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I'm not sure why you would want to have your name removed. That would take away any rights you have to claim the house in the event of a breakup....and they do happen. Always protect yourself in investments made with a partnetr
2007-06-18 04:07:45 · answer #10 · answered by ♥Instantkarma♥♫ 7 · 0⤊ 1⤋