Posted: Mon Jun 09, 2008 4:22 pm Post subject: How does this work for couples that break up.
Me and my Ex-boyfriend bought a house together. A year later we are breaking up. He wants me to sign a quit claim deed. What does that mean for me. I have three kids and don't really have anywhere else to go. Will I receive any money to start over if I sign these papers. I just want what is rightfully mine no more no less. I worked very hard to get this house right along with him.
First off, welcome to the forum! I don't believe you will get any money out of signing a quit claim deed unless your ex-boyfriend agrees to it. But it does appear that you sort of have the upper hand here.
It seems he definately wants the house but your name is on it. Just tell him that if he's not willing to "buy you out" by offering you some sort of incentive to sign the quit claim deed that you will just simply move out and allow him to make payments on the mortgage. Then if he ever wants to sell or take advantage of the equity he has built in the home he will need your permission to because he can't do anything with it without your signature as well.
If you've only been making payments for about a year more than likely you haven't really paid off any of the principal balance that you borrowed. did you help to come up with the down payment and closing costs and how much did you pay yourself? I would atleast ask for that much back in order to sign the home over to him.
Signing a quit claim deed means you are removing yourself from the title of the property. As a result, you don't have any rights to claim your share on that property.
Posted: Tue Jun 10, 2008 3:19 pm Post subject: How does this work for couples that break up.
Welcome!
First, have you consulted an attorney? What state do you reside in? You need to be aware of your rights & these differ by locale. Consider yourself & the kids first.
There's a mortgage on the house, correct? Almost all mortgages contain an alienation or acceleration clause. With a transfer or change in title the balance of the loan may become due & payable. Your solution might be to sell or refinance the mortgage if he wants to have your name removed from the title. _________________ Lynnette Phillips
Loan Officer/Realtor,
Foreclosure Consultant
Home Pride Mortgage
My Blog: http://activerain.com/helpingufindaway
My website: http://lynnettephillips.com
**This is not intended as legal advice. I am not an attorney.**
Hi, I had a cousin in a similar situation. Does your mortgage contract specify the specific percent of the mortgage you are each responsible for? If not it may be possible for you to claim 50% of the money paid to date in return for your name being off of the deeds. Your best bet is to refer to the contract and go through it with an experienced attorney. Dont just sign your share away without finding out what your entitled to after all you have a family to support! good luck x _________________ http://www.ezylet.co.uk/ the property rental network.
kim17234
