Posted on: 08th Jun, 2010 12:18 pm
I recently was a first time home buyer with my ex. We both put our names on the mortgage and we both were first time home buyers. We setteled in May qualifying for the First Time Home Owner's tax credit.
Now that we are no longer together he has decided that he wants to keep the house. I am fine with that but I'm not sure how to get my name off the mortgage, especially when he is concerned that he will no longer get the tax credit if he puts the mortgage into his name only.
What would you recomend to do?
Now that we are no longer together he has decided that he wants to keep the house. I am fine with that but I'm not sure how to get my name off the mortgage, especially when he is concerned that he will no longer get the tax credit if he puts the mortgage into his name only.
What would you recomend to do?
hi kmkrug,
your ex will have to refinance the mortgage in his name in order to release you from the responsibility of paying off the mortgage. as far as i know, if he refinances the loan, he won't qualify for the first time home buyer's tax credit any longer.
thanks
your ex will have to refinance the mortgage in his name in order to release you from the responsibility of paying off the mortgage. as far as i know, if he refinances the loan, he won't qualify for the first time home buyer's tax credit any longer.
thanks
That's what i thought...thanks!!
Hi,
As per my knowledge if you are in the property deed then you need to sign a quitclaim deed in order to remove your name from the property. Then your ex needs to re-finance the loan in his name. I would suggest you to consult with a good attorney to get detailed information.
As per my knowledge if you are in the property deed then you need to sign a quitclaim deed in order to remove your name from the property. Then your ex needs to re-finance the loan in his name. I would suggest you to consult with a good attorney to get detailed information.