I will now allow my name to remain on a home that I will no longer live in. He was unable to to obtain financing without my income and credit score.
2007-11-28 03:48:45 · 8 answers · asked by orange c 4 in Business & Finance ➔ Renting & Real Estate
Thanks for the advice. I told him that we should just sell the house, but he seems hell bent on staying in the house. I know he can't afford it alone and it will be foreclosed on.
2007-11-28 04:13:51 · update #1
There is one way, ONLY. He must refinance the loan in his name alone.
Do NOT have your name removed from the deed until he refinances the loan! If you do you will have no legal claim to the property but will STILL be fully liable for the mortgage if he defaults on it.
If he can't qualify in his own right you may have to sue for Partition. That will force a sale of the property and division of any equity between you. But whatever you do, do NOT allow anyone to talk you into signing a Quitclaim deed unless he simultaneously provides his own financing!
You really should consult with an attorney on this. You could be left out in the cold (literally!) if you don't get this right!
2007-11-28 03:59:11 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 1⤋
He needs to go get it refinanced. If he can't then the property needs to be sold and divided in what ever way is fair and doesn't leave you in a worse financial bind. And DO NOT SIGN A QUIT CLAIM DEED, until you are off the note. You would lose your claim to the property but still owe the money in the event that he didn't pay the mortgage. You might seek some real legal advice, I would look for an attorney with a free consultation. It sucks, I am sorry.
2007-11-28 12:01:08 · answer #2 · answered by Anonymous · 1⤊ 0⤋
The mortgage will have to be satisfied. Even if you were married and divorced, that remains a common obligation. You can sell him your share and he can refinance to pay of the existing obligation, if he can get financing.
If not you may be stuck. If the loan is defaulted, it wil affect your credit. Even in divorces where one partner is ordered to assume the full mortgage, the mortgage companies do not have to abide by that and can go after anyone whose name is on the document for payment.
2007-11-28 12:00:26 · answer #3 · answered by Tom K 6 · 1⤊ 0⤋
You cannot get your name off of the mortgage. The only thing you can do is have a Quit Claim deed drawn up, signed and filed with the courts. Just so you know if he defaults on the mortgage they will still try to come after you and it will show on your credit.
When my parents divorced my mother quit claimed on all the properties they jointly owned. When my father went into foreclosure they went after my mother to serve her with foreclosure paperwork. She had to send everything to my fathers Attorney to get her cleared. Even though the house never went into full foreclosure, it still shows up on her credit and she has to show paperwork and documentation that she had quit claimed the house and that it never went into foreclosure every time she has to apply for credit or a loan.
2007-11-28 11:58:34 · answer #4 · answered by Weimaraner Mom 7 · 0⤊ 1⤋
Boy that's a tough one! You might call an attorney and ask them. It might come down to selling the house and splitting anything extra made on the sale. I don't blame you I wouldn't leave the property that I half owned. If he wants to split the relationship,then tell him to split!Good luck!
2007-11-28 11:56:19 · answer #5 · answered by cindyokie1 2 · 1⤊ 0⤋
Just sell your interest in the house to him. Now that there is a mortgage, neither one of you needs to worry about getting credit, just the payments.
2007-11-28 11:59:02 · answer #6 · answered by storm 3 · 0⤊ 1⤋
You are going to have to Sell it.
2007-11-28 11:57:48 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Wouldn't he have to buy you out?
2007-11-28 11:57:45 · answer #8 · answered by Anonymous · 1⤊ 1⤋