Posted on: 09th Apr, 2010 04:35 pm
I purchased a home with a friend of mine. At the time we both needed a place to live, but we did not have enough money on our own. We are tenants in common and within this past year, he got married. Recently I came across some money and have enough to buy a house on my own. I want to totally rid myself of this mortgage so I can get a house on my own. I do not want any money from him to make it easier for everyone. The money that I put to the house in the form of half the mortgage, closing costs, work done to the house, etc to me is considered a wash. Is there a way he can just pick up my portion of the mortgage and absolve me of any financial liability?
Hi rpolacek,
Your friend will have to refinance the mortgage in his name in order to remove your name from the mortgage docs and release you from the financial liability. As far as your name in the property deed is concerned, you'll have to sign a quit claim deed in your friend's favor.
Thanks
Your friend will have to refinance the mortgage in his name in order to remove your name from the mortgage docs and release you from the financial liability. As far as your name in the property deed is concerned, you'll have to sign a quit claim deed in your friend's favor.
Thanks