2007-08-19 18:42:35 · 5 answers · asked by Greg D 1 in Business & Finance ➔ Renting & Real Estate
You can't quit claim yourself off a mortgage, only the title, and as long as you are on the title, you DO NOT want to do that...that leaves you legally bound to pay for a home that you no longer legally own.
First, you need to find out if your girlfriend has the financial means to carry the mortgage herself. If she doesn't, then you both have to sell.
Second, if she can, then you need to communicate with her about refinancing the property...you are entitled to 50% of any equity you have in the property if your name has been on the mortgage documents since the beginning. Your girlfriend needs to do a cash-out refinance, and here is how it would go...for example.
If the house is worth $100,000 and you owe, $90,000, that leaves $10,000 equity. She would do a cash-out refinance for $95,000, and give you $5,000...that's half of the equity, and that would leave her with a loan of $95,000 and she keeps the house.
It's the only way to do it.
2007-08-19 22:19:57 · answer #1 · answered by Expert8675309 7 · 1⤊ 0⤋
You will have to have your girlfriend refinance the mortgage into her name only. A quit claim deed will not take your name off the mortgage
2007-08-19 18:51:06 · answer #2 · answered by red5293 3 · 3⤊ 0⤋
You can't 'quick deed' a mortgage. You need your girlfriend to refinance the mortgage in her name only.
2007-08-19 18:50:19 · answer #3 · answered by Doctor J 7 · 3⤊ 0⤋
why did you buy a HOUSE with a GIRLFRIEND?
2007-08-19 18:52:04 · answer #4 · answered by Anonymous · 1⤊ 0⤋
have her refinance or buy u out or quit deed it
2007-08-19 18:47:05 · answer #5 · answered by clever1 7 · 1⤊ 3⤋