Posted on: 03rd Aug, 2008 12:04 pm
Hello,
About 6 years ago i bought a house with my girlfriend. We've now broken up and I've been out and in my own apartment for almost a year now. She can't afford the mortgage on her own and wants to sell or forclose-- i don't want the house or anything to do with it- i want her to take my name off of everything to do with it- can i just sell my half to her for like $1 and i won't have anymore finacial obligation to it anymore?
I just need to know how to get out of this and not have to pay anything more for this mistake.
Thanks for your time!
About 6 years ago i bought a house with my girlfriend. We've now broken up and I've been out and in my own apartment for almost a year now. She can't afford the mortgage on her own and wants to sell or forclose-- i don't want the house or anything to do with it- i want her to take my name off of everything to do with it- can i just sell my half to her for like $1 and i won't have anymore finacial obligation to it anymore?
I just need to know how to get out of this and not have to pay anything more for this mistake.
Thanks for your time!
Not thatt easy. You signed on a mortgage and are obligate until that is paid in full.
I would not do a quit claim because then you do not own but still owe.
When you signed on the papers you agreed to see it through.
Good Luck
Brian
I would not do a quit claim because then you do not own but still owe.
When you signed on the papers you agreed to see it through.
Good Luck
Brian
Hi cbar,
Did you both have your names on the loan? If yes, then you are obligated to pay it off. Did you talk to the lender regarding the sale of your home? Whether you sell it off entirely with your girlfreind's consent and divide the proceeds or you sell your half, the lender's permission should be taken as he has an interest in your property.
Is the girlfriend willing to accept your share of the property? In case you have your name on the property and neither of you pay, it will seriously affect your credit and I guess you don't want that to happen. So, I guess paying off the loan makes sense. What's your financial situation like?
Take care
Did you both have your names on the loan? If yes, then you are obligated to pay it off. Did you talk to the lender regarding the sale of your home? Whether you sell it off entirely with your girlfreind's consent and divide the proceeds or you sell your half, the lender's permission should be taken as he has an interest in your property.
Is the girlfriend willing to accept your share of the property? In case you have your name on the property and neither of you pay, it will seriously affect your credit and I guess you don't want that to happen. So, I guess paying off the loan makes sense. What's your financial situation like?
Take care
