Posted on: 20th Mar, 2007 05:29 pm
i purchased a home with my fiancee and we have since broken up. he lives in the house and pays the mortgage. his current financial situation is not what it needs to be to refinance the house to get my name off. he is not willing to sell the house either. i want to get the house out of my name. he has mentioned me signing a quitclaim deed, but am i correct that a quitclaim only relieves my financial rights but not my financial responsibility? i do not want financial rights to the house, but i also do not want to be finacially responsible for it. how can i go about getting this house out of my name?
Quit claim will only help in transfer of ownership of the house over to him. It will not transfer the mortgage. You would remain financially responsible for the mortgage.
You should contact the lender to know if the mortgage contains an assumption clause or not. If there is an assumption clause then lender will allow the mortgage liability to be assumed by your fiancee. And you will be taken off the mortgage.
Miller
You should contact the lender to know if the mortgage contains an assumption clause or not. If there is an assumption clause then lender will allow the mortgage liability to be assumed by your fiancee. And you will be taken off the mortgage.
Miller
"I purchased a home with my fiancee and we have since broken up. He lives in the house and pays the mortgage. His current financial situation is not what it needs to be to refinance the house to get my name off."
Refinance can be possible but then rates will be higher. At least your fiancee should approach a few lenders and get the quotes from them.
"He is not willing to sell the house either."
Regarding sale of the house, as you are co-owner of the house you have rights to start a lawsuit which is known as partition lawsuit.
In partition lawsuit property will be sold under court instructions and proceeds from the sale divided among the co-owners.
If any one of the co-owners file a partition lawsuit then court will take steps for selling the house even if all other owners do not want the house to be sold.
David
Refinance can be possible but then rates will be higher. At least your fiancee should approach a few lenders and get the quotes from them.
"He is not willing to sell the house either."
Regarding sale of the house, as you are co-owner of the house you have rights to start a lawsuit which is known as partition lawsuit.
In partition lawsuit property will be sold under court instructions and proceeds from the sale divided among the co-owners.
If any one of the co-owners file a partition lawsuit then court will take steps for selling the house even if all other owners do not want the house to be sold.
David
welcome jessicafachini,
to get your name out of house title, you can ask your fiancée to sign over a quit claim deed. but this deed will not relieve you from the financial responsibility of paying off the loan, if at all your name is on the loan.
to get your name out of house title, you can ask your fiancée to sign over a quit claim deed. but this deed will not relieve you from the financial responsibility of paying off the loan, if at all your name is on the loan.
"I do not want financial rights to the house, but I also do not want to be finacially responsible for it."
You are right, as long as your name is on the mortgage you will remain liable towards the payments. And if your ex fiancee stops making the payments your credit will also get affected. You need to tell him to have the house refinanced for a higher rate or else you will go to court to have the house sold off as david said.
You are right, as long as your name is on the mortgage you will remain liable towards the payments. And if your ex fiancee stops making the payments your credit will also get affected. You need to tell him to have the house refinanced for a higher rate or else you will go to court to have the house sold off as david said.