Posted on: 30th Nov, 2011 09:50 pm
a friend of mine put his girlfriend on the title of his home. they are now breaking up. now, this girlfriend of his has got a home equity loan for $80k and used some of it for home improvements. he's not on the loan. she's trying to convince him the only solution is selling the house. i don't believe she can force him to sell the house. she's not going to ruin her credit and has just about enough in 401k savings to satisfy the loan if sued by the bank. what are his options?
hi abel,
it is true that no one can force your friend to sell off the property. she should pay off the loan from her 401k and remove her name from the property deed by signing a quitclaim deed. in case she is not ready to do so, then your friend will have to buy her out and refinance the home equity loan in her name.
thanks,
jerry
it is true that no one can force your friend to sell off the property. she should pay off the loan from her 401k and remove her name from the property deed by signing a quitclaim deed. in case she is not ready to do so, then your friend will have to buy her out and refinance the home equity loan in her name.
thanks,
jerry
If you were to go to court to have the judge decide, he/she may opt to order the home to be sold. Only way is with court order. Good luck.
