removing my name from a deed

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when i was 19 i purchaced a home in nc w/ my boyfriend. we broke up
and i moved out of state to il and i want to remove my name from the deed. how can i do that..
thanks j.

laphillips · Posted: Sun Jul 06, 2008 2:54 pm Post subject: removing my name from a deed

Welcome Jericho,

All laws depend on locale. In general though your question probably depends on whether or not there is a loan on the property. If so it will probably need to be refinanced. If not a quit claim will probably do the trick.

Do you want to receive any part of the value of the home?

Guest 0.10 Dollars($)

there is a loan and it effects my credit even though i do not live there or contribute to the loan.. no i dont want any part of the value, just my name off the loan.. i tried to get him to refinance and he refuses because he will have a higher interest rate. i will look up the quick claim and see what i can do with that. thank you very much!!!

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi jericho.

Welcome back.

You should not quitclaim the property unless and until your boyfriend agrees to refinance as quitclaim will not remove your name from the mortgage. If your boyfriend doesn’t want to quitclaim then you can file a partition lawsuit against him to sell off the property. Know more about partition lawsuit at http://www.mortgagefit.com/know-how/removecoborrower.html

Hope it helps. Feel free to ask if you have any further questions.

Best of luck,
Larry

cliff · Posted: Wed Jul 09, 2008 5:19 am Post subject:

Hello Jericho,

A quitclaim will not help you in your situation.

A quitclaim will not release you from your obligation to any mortgage loan, or other lien secured against said property. Refinancing is the best means to achieve this. The grantee must refinance the property using their own income, assets and credit, and they cannot use your income, assets or credit to get the financing approved.

And Larry is correct, if your boyfriend will not refinance, then you do have the option to fill a partition lawsuit.

Let us know if you have more questions.

laphillips · Posted: Wed Jul 09, 2008 8:59 am Post subject: removing my name from a deed

If there is a loan a quit claim definitely won't help...as Larry said it will not release your liability from the mortgage - you'll still be liable & if there is a problem with the payments they'll track you down & demand money. It's their right.

If he refuses to refinance I'm afraid your only choice is an attorney.

Guest 0.10 Dollars($)

my sister and I were left a home by my grandparents. Both our names are on the deed. She does not want hername on it - nor does she want to profit from it in any way. If it is sold down the road she does not want any tax implications as this is not her primary residence. I live in the house with my family and have paid all expenses for the last 3 years. There is no mortgage or loans on the house. Will a wuit claim remove her name without any tax penalties or capital gain if the house is sold?

helping_user · Posted: Fri Sep 05, 2008 11:32 pm Post subject:

Hi Nancy,

A similar query has been replied at http://www.mortgagefit.com/quitclaim/capitalgains-taxpenalty.html . Please take a look at it.

Thanks.

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