Advice.......I Want My Name Off.
My boyfriend and I bought a home together 2 years ago.Wedding plans fell through and now I plan on moving into a www.townhouse.I'm afraid he wont manage the finances right and will be behind in no time.
How do I get my name off the house with out spending to much money or making him sell?(quick deed?) :-?
Presumably, you want your name off the mortgage/mortgage note. The only one to allow that would be your mortgage lender. It's not likely they'll let you off the hook (whether you execute a quit claim deed or not). Your exfriend will have to refinance in his own name, or sell.
best to handle this now... then wait until the loan defaults. Force the sale or refi.
You can get your name off of the property easily enough by executing a quit claim deed. However, if you got a mortgage with you now ex, that will not be as easy to get out of. Unless he refinances or the lender agrees to take you off (which why would they) then you will remain liable for the mortgage payments and your credit will be adversely affected if payment is not made.
I'd also recommend caution as to your just deeding it to the boyfriend with his promises to get you off the deed.
It's not within his power to get you off the note, unless he sells and the buyer cashes out the loan.
Meanwhile if you're in the property, go slow about getting out, because as long as you're there you know it's not being trashed or destroyed...but if you just walked away and left it for him, you couldn't know what he's do with it. And you'd still be on the bank loan.
Also any lawyer would recommend you don't just give him anything...only give him something if you're getting something in exchange...like his part of the payoff, or his quit claim deed to you so it's him who's walking away.
[addsig]
The only way to get your name off the mortgage is if the LENDER removes your name. More likely than not, the lender will NOT want to remove your name and the only way to do so will be to pay off the mortgage.
Your ex can refinance the mortgage in HIS name ONLY. Only--let me say that again ONLY--after it's been refinanced in his name (or the lender has removed your name from the loan) should you quit claim deed the property to the Ex.
Do not, I repeat do not quit claim your rights to the property unless you satisfy your obligation on the mortgage. This is important because this obligation can cause you problems for years. If your ex refuses or has the inability to refinance then you need to take control of the property. Make him understand that you are going to protect your asset and that you will realize any gain from the future sale of this property. Therefore, it is in his best intrest to get rid of you now, because you are going to be tough.
If both of your incomes are needed to service the existing mortgage, your problem is insoluble. If your ex's income is sufficient to service that mortgage on his own, there are two possible ways to get off hook.
One way is to persuade the lender to take your name off the note. Since this would weaken the lender's claim, there is no reason the lender would agree to it unless you provided some inducement. An expressed interest in taking out a new mortgage with that lender might be an inducement, although you want to be careful you don't leave yourself with no bargaining power in negotiating the terms of a new mortgage.
The second possible approach is to induce your ex to refinance under his own name. Depending on the interest rate on the existing mortgage, it might be financially advantageous for him to do this anyway.
you can "quit claim" and have an attny. write a contact that states he must sell or refin. in "X" amount of time or after said time agrees to sale or it will be a "force sell".....km
[ Edited by kenmax on Date 08/24/2004 ]
i have done this and it worked out fine.......km