Posted on: 13th Jul, 2011 12:08 pm
purchased a home with my then bf both of our names was on the mortgage and the deed. a few years back i refinanced and put the mortgage in my name only however that did not remove him from the deed. how do i go about either letting him assume the mortgage (getting everything out of my name mortgage and deed? the other option is for him to rent from me he is willing to do that as well. advantage / disadvantage of assumption, quit claim deed, etc? ? ?
You would need to contact your lender to see if someone can assume your loan without triggering the due on sale clause. A quitclaim deed only affects title and doesnt transfer mortgage responsibility. Your best bet would be to have other party refinance the home in his name. You would want to move on from the property, and cut ties, so to be off the loan and off title is your best option. Do you have a position to refi? Call your lender and see what they say regarding the assumption. Good luck!