Posted on: 30th Aug, 2009 12:26 pm
hello,
i have a mixed-up situation that i am unsure what to do with. i bought a major fixer with my boyfriend last summer. it is financed in both of our names and both of our names are on the title as 50/50 ownership. we had planned on doing much of the home repairs ourselves in order to save money. since then, every project we work on has been delayed. much of the work has been done by me (alone) or i have to be "the nag" to get any kind of motivation on his part. currently, a large section of our roof is removed and i will be paying a contractor (from my personal savings) to come finish the job since i cannot physically finish the job alone and fall is rapidly approaching.
the problem is, the situation has turned into something other than what was agreed upon. he does not have the motivation or interest to work on the house and has no money to match me on paying someone to come do the work. i have the motivation, interest and money to invest. this considered, i want to buy him out. i'd like to continue our relationship and he can still live with me, but i want to know that all the money and work i am investing in my home will not be lost. i have not had this conversation with him yet.
i don't know what my options are. i will not qualify to refinance the loan into my name. is there a way for me to change the amount of interest he shares in the home (on the title)? if so, how low can the percentage be? can i take him off title or can he sign a quit claim deed and still remain on the loan? i read something about novations but am not sure if i would even qualified to do this. currently, i am unemployed, but i can still afford the mortgage payment. what are my options? please help!!!
-frustrated woman
i have a mixed-up situation that i am unsure what to do with. i bought a major fixer with my boyfriend last summer. it is financed in both of our names and both of our names are on the title as 50/50 ownership. we had planned on doing much of the home repairs ourselves in order to save money. since then, every project we work on has been delayed. much of the work has been done by me (alone) or i have to be "the nag" to get any kind of motivation on his part. currently, a large section of our roof is removed and i will be paying a contractor (from my personal savings) to come finish the job since i cannot physically finish the job alone and fall is rapidly approaching.
the problem is, the situation has turned into something other than what was agreed upon. he does not have the motivation or interest to work on the house and has no money to match me on paying someone to come do the work. i have the motivation, interest and money to invest. this considered, i want to buy him out. i'd like to continue our relationship and he can still live with me, but i want to know that all the money and work i am investing in my home will not be lost. i have not had this conversation with him yet.
i don't know what my options are. i will not qualify to refinance the loan into my name. is there a way for me to change the amount of interest he shares in the home (on the title)? if so, how low can the percentage be? can i take him off title or can he sign a quit claim deed and still remain on the loan? i read something about novations but am not sure if i would even qualified to do this. currently, i am unemployed, but i can still afford the mortgage payment. what are my options? please help!!!
-frustrated woman
Hi ebracisco!
Welcome to forums!
You can speak to your boyfriend and ask him to sign a quitclaim deed so that the whole property is transferred in your name. If he doesn't agree to this, then you always have the option of buying him out. You can offer him a certain sum of money and ask him to transfer the ownership of the property to you.
However, before the transfer, you should have a word with your lender. You won't be able to refinance it as you are unemployed. Due to the same reason, you won't be able to go for a novation even. You should check out with your lender whether or not he would allow such a transfer of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can speak to your boyfriend and ask him to sign a quitclaim deed so that the whole property is transferred in your name. If he doesn't agree to this, then you always have the option of buying him out. You can offer him a certain sum of money and ask him to transfer the ownership of the property to you.
However, before the transfer, you should have a word with your lender. You won't be able to refinance it as you are unemployed. Due to the same reason, you won't be able to go for a novation even. You should check out with your lender whether or not he would allow such a transfer of the property.
Feel free to ask if you've further queries.
Sussane