Posted on: 27th Mar, 2012 01:34 pm
My ex boyfriend and I bought a house in NC in 2003, I am listed on the Deed but he secured the Mortgage and I am in no way, shape, or form on the Mortgage...my question is now that he wants to buy my interest in the house am I entitled to 1/2 the tax value of the house (of which I wuld give him a substantial reduction as we both want to move forward with our lives) or just 1/2 of the equity?
If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.
An attorney should always be consulted when making changes in the title to real estate. There are many lenders who break the rules in order to sell the loan. :idea:
An attorney should always be consulted when making changes in the title to real estate. There are many lenders who break the rules in order to sell the loan. :idea:
Hi Guest,
As far as I know, you will be able to claim 1/2 of the equity in the property. Nevertheless, you should contact a real estate attorney and take his opinion in this matter.
As far as I know, you will be able to claim 1/2 of the equity in the property. Nevertheless, you should contact a real estate attorney and take his opinion in this matter.
