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missgagoots · Joined: 12 Oct 2009 Posts: 2 1.79 Dollars($)

I am a co owner on a condo . Mortgage is only 11 months old.I live in he condo. I am disabled and condo is disabled homesteaded. I was just informed that the other owner wants out. He was paying the mortgage and I was paying HOA. He gave me 2 options:
1) To pay me back in 7 installments what I put out for the down payment and stay for another 7 months and quick deed it to him or
2) He will stop paying the mortgage and forclosure. I can NOT afford to pay mortgage & HOA . I am disabled
If I quick deed it to him, will I be at all responsible for the condo and does the homestead get cancelled?
Thank You for your help

sonjakracine · Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)

You can deed it to him, but you giving him the deed only removes you from the ownership of the home. You are still responsible for the payments in the mortgage companies eyes. The only way to totally remove yourself from the property is for him to refinance. Once he refinances any exemptions you received for being disabled will no longer apply to the property. I would be cautious about just signing it over, make sure he refinances - give the papers to him at the closing table you, may be leaving yourself open for more grief if you sign it over and then he still stops paying you will have no say what so ever. Seeking a little legal advise to protect yourself may not be a bad idea.

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Will I still be responsible