Posted on: 19th Nov, 2010 04:25 am
Hi, My boyfriend and I bought a house and now we have decide things just are not going to work out. I am the co-signer on the mortgage loan and he is the borrower, now I know I can sign my name off the title leaving the title in his name,and I know that leaves me responisble for the mortgage still,but I was wondering if I could make him sign a legal document through a lawyer saying he agrees to take full responsibilty of the mortgage,if that would clear my name?
hi krissy2010,
welcome to mortgage fit,
what i assume from your post is, your boyfriend can not refinance the mortgage on his own...with his own credit alone....so even if you quitclaim your share to him,your lender will immediately send a notice and the mortgage will be 'payable fully' at once. so there is no point in transferring your equity to him...
rather i will advice you,do not transfer the share and the moment he stops paying the mortgage you may ask him to pay it on time or else you will be forced to file the lawsuit...
basically when person agrees to co-sign the doc, it means he/she does have some belief on the person who is principle borrower....
feel free to ask any further query if you have.........
dipa
welcome to mortgage fit,
what i assume from your post is, your boyfriend can not refinance the mortgage on his own...with his own credit alone....so even if you quitclaim your share to him,your lender will immediately send a notice and the mortgage will be 'payable fully' at once. so there is no point in transferring your equity to him...
rather i will advice you,do not transfer the share and the moment he stops paying the mortgage you may ask him to pay it on time or else you will be forced to file the lawsuit...
basically when person agrees to co-sign the doc, it means he/she does have some belief on the person who is principle borrower....
feel free to ask any further query if you have.........
dipa