Compare Mortgage Quotes

Guest

I am on the title with another party. The mortgage is in both names but the other person has not fulfilled their financial obligations to the property. Out of frustration we filed a quit claim but I want off the title and away from the whole situation. What steps do I take. I don't want to sue just want out.

chrisgummerson · Posted: Tue Jun 21, 2011 1:22 pm Post subject:

Unfortunately, you will not be able to just sign something and walk away. When you sign a mortgage note, you are promising to repay the debt. Since two of you have signed the mortgage and are on the loan, the only way to remove a party is to sell or refinance the home. You can add or remove parties from title, but not on the loan. If they are not making payments, then have them sign the quitclaim and refinance the home into your name. Or sell the property and everyone goes their separate ways.

jameshogg · Posted: Tue Jun 21, 2011 10:57 pm Post subject:

Hi stuck,

You've signed the quitclaim deed and transferred the property to the other person. But now, you need to ask that person to refinance the mortgage in his/her name. This will help you in removing yourself from the property as well as the mortgage.

Thanks

Guest

thanks guys. more questions...what if anything do I owe? half? all?

chrisgummerson · Posted: Thu Jun 23, 2011 2:00 pm Post subject:

If you both are equal owners of the property then you are liable for the whole debt. Your right to the equity if there is any would be half. So if there is value in the home, take advantage of it, and get bought out by selling or refinancing.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

How do I remove myself from the deed/title

Helpful References

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1