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josephhinojosa · Joined: 04 Oct 2009 Posts: 1 1.30 Dollars($)

The house I have is in ST. John, In. My partner and I live in the house. I want out of the mortgage and would like to transfer it over to him. He is on the deed but that is it. We have lived in the house for 4 years now. What can I do to get out of this house as we have not had good luck selling it.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

You cna do a quit claim deed and trasnfer the property to your partners name, but that does not relive you from loan

After the quit claim deed your partner needs to refinace the loan in his or her name to releive you from the loan

The hard part is gettign the refinace ifthe vavlue of the house is less than what you owe

jenkin7 · Posted: Sun Oct 04, 2009 11:06 pm Post subject:

Hi Joseph,

If you want to transfer the loan obligation to your partner, he needs to refinance the existing loan in his name. He can also assume the loan and take over the responsibility of repaying the mortgage. However, lender will always prefer refinance over a simple assumption. But as sunnyca mentioned in the last post, if your property has gone down in value, a refinance will not be possible.

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The houes I have is in my name but I want to know if it is possible to transfer the mortgage over to my partner and take my name off .