house

Guest

i purchased a house with my boyfriend. we broke up recently and i moved out. he still lives there and i want my name off of the house. there won't be any hassle because we're both still very close but is there any way around it other than him paying me half of what it's worth? i know he doesn't have the money to do that plus too much has happened for me to even care. i just want it out of my name!
(i live in Pennsylvania, if that helps)

smithsussane · Posted: Tue Dec 16, 2008 8:06 pm Post subject:

Hi samantha j,

Welcome to forums!

You can sign a quitclaim deed in your boyfriend's name which will transfer the ownership of the property in his name. But you should remember that if there is a mortgage on the property, then your boyfriend will have to refinance it after the ownership of the property changes in his name.

Feel free to ask if you have further queries.

Sussane

gmakerley · Posted: Wed Dec 17, 2008 8:56 am Post subject:

even if your former boyfriend neglects to refinance the mortgage subsequent to a transfer of title to him only, the lender will likely not be too concerned. however, that would result in your continuing to be obligated on the mortgage - something i'm sure you don't want.

does he have the wherewithal to refinance? you need to have this discussion with him, because it can affect you long-term.

Guest

does the quitclaim take a while to process and how difficult is the actual process? he's fine with putting everything (including the mortgage) in his name, but would his poor credit affect this?

gmakerley · Posted: Wed Dec 17, 2008 10:21 am Post subject:

"processing" of a quit claim is easy. once signed/witnessed, etc., you'd file it with your local town clerk/county clerk/agency with whom mortgages and deeds are recorded.

and, yes, it's easy. you can obtain a deed online, you can visit a local printing house or you can engage an attorney to prepare one. as for the refinance of the mortgage, yes his poor credit will have an effect. just how poor is it? do you know?

for him to be able to refinance, he's going to have to qualify - his income must be sufficient to afford the payments while taking into account any other obligations he has (such as credit cards, car loans, etc.). also, if there are delinquent obligations currently, the overwhelming majority of lenders will look askance at his application for refinance. it is truly most important that he clean up whatever poor credit he has - not just for this transaction, of course; but for the long-term as well.

All times are GMT - 7 Hours

Page 1 of 1