Deeds and Refinancing

Posted on: 19th Mar, 2013 07:10 am

Myself and another person bought a house together, my name was used for credit purposes and is first on the mortgage. now 12 years later we have gone seperate ways, I have a notarized document stating the other person has given up all rights to the property however they are still on the mortgage.

I do not want to refinanace the property, they want no responsibility of the property. Can I claim a quick claim deed to take responsibility off of that person concerning the property even though their name is on the mortgage?

I do not want this person to come back 5 years from now and say oh I want to move back into the property while I am living there, I do not think they would do that but I need to do something without having to refianance to protect my property.

Help any suggestions?

Total Reply : 3

the proper way to do it is to refinance the mortgage. if i was that other person, i wouldn't want you to remove me from title, and leave me on the mortgage ... that'd be a very bad position to be in.

raymond

Posted on: 19th Mar, 2013 07:26 am

Unfortunately refinancing is not an option due to the amount of debt they left me and on credit cards and other things which has affected my credit score terribly and trying to fix but it takes time. they have their own house now. they contacted the mortgage company for a release of liability? or maybe it was release of responsibility, whichever it was, they arent worried about payments not being made to affect their credit as it is the only place I have to live and it will not sell for what is owed on it due to they stripped the place when they left etc.

I guess I am just not wanting them to be able to come and move back in anytime they want too as I know they can not MAKE me sell it as it is my only dwelling.