Posted on: 26th Mar, 2007 07:35 am
I live with a boyfriend but, I am considering to move out of a home.Both of our names are on the deed, only my name is on the mortgage. Can I make him move out or buy out my half of the deed. What if he refuses to move/ buy out the deed?
Hi Pakinsey,
Welcome to Mortgagefit forum.
If both of you mutually agree then you can buy his share of the home or ask him to pay for your share, it really depends on what your boyfriend agrees to.
But as his name is on the deed you cannot make him move out, it would be his decision.
Colin
Welcome to Mortgagefit forum.
If both of you mutually agree then you can buy his share of the home or ask him to pay for your share, it really depends on what your boyfriend agrees to.
But as his name is on the deed you cannot make him move out, it would be his decision.
Colin
"What if he refuses to move/ buy out the deed?"
If he refuses to buy out your share of home and you also are not interested in keeping the home then you can file a partition lawsuit.
In partition lawsuit a co-owner can request the court to sell the home and divide the proceeds among the co-owners. In such situation you will have to pay off the mortgage from the sale proceeds.
If he refuses to buy out your share of home and you also are not interested in keeping the home then you can file a partition lawsuit.
In partition lawsuit a co-owner can request the court to sell the home and divide the proceeds among the co-owners. In such situation you will have to pay off the mortgage from the sale proceeds.
You need to talk clearly with your boyfriend on this. If you want to move out then you can quit claim your share of the house to him for a reasonable consideration. Even after quit claiming the house to him the mortgage will remain in your name. You will have to pay it off from the money you get from him.
If he refuses to cooperate then as Clare has said, you as part owner of the house can start a partition lawsuit. The court will sell off the house even if your boyfriend does not want the house to be sold.
If he refuses to cooperate then as Clare has said, you as part owner of the house can start a partition lawsuit. The court will sell off the house even if your boyfriend does not want the house to be sold.
hi pakinsey,
welcome to the forums.
you can make your boyfriend move out of the title to the property by using a quit claim deed. by signing on the deed, your boyfriend has to transfer you his part of interest in the property. you will then be able to take over the ownership rights while your name will still remain on the mortgage.
you need to continue with the payments on the loan and that too at regular intervals so that you can pay off the loan and own the home forever.
thanks,
sara
welcome to the forums.
you can make your boyfriend move out of the title to the property by using a quit claim deed. by signing on the deed, your boyfriend has to transfer you his part of interest in the property. you will then be able to take over the ownership rights while your name will still remain on the mortgage.
you need to continue with the payments on the loan and that too at regular intervals so that you can pay off the loan and own the home forever.
thanks,
sara
What are the steps and paper work involved in a buyout, when a settle ment amount is agreed upon?
[Transferred into lower caseas per the forum rules.]
[Transferred into lower caseas per the forum rules.]
Hi,
In the process of buyout the owner pays the other for his/her share of the property and in return the person who got the money will quitclaim to the other owner. I think you should take help from an attorney to properly manage the process.
Feel free to ask if you have any further questions.
Best of luck,
Larry
In the process of buyout the owner pays the other for his/her share of the property and in return the person who got the money will quitclaim to the other owner. I think you should take help from an attorney to properly manage the process.
Feel free to ask if you have any further questions.
Best of luck,
Larry
i got thoroughly confused in reading all this. the first sensible thing i read was larry's advice to engage an attorney to "manage the process." this is a good idea.
