Posted on: 11th Apr, 2010 06:56 pm
I purchased a home with my now ex boyfriend a few years back. I moved out of the home in September. I tried to get him to do a short sale but he would not agree to it. He is not making any mortgage payment and I will not approve a loan modification b/c I don't want to keep the house. I can't afford to pay the mortgage and my rent. I would like to sell my share of the house to him, even if it is for $1. I just don't want to be responsible for the house anymore. I consulted a bankruptcy attorney and started that process b/c that was the only thing i could think of. I don't want to file bankruptcy if I dont have to, I do not have any debt besides this mortgage. Is there anything I can do to give him my share of the property and just cut ties????? PLEASE HELP ME!!!
hi hazel,
you can transfer the property to him by signing a quit claim deed but you would still be responsible for the mortgage payments if your ex-boyfriend does not refinance the loan.
i would suggest you to file a partition lawsuit and the court will order the sale of the property. after the sale, the mortgage will be paid off first and then the rest of the sale proceeds, if any, will be divided amongst both of you.
you can transfer the property to him by signing a quit claim deed but you would still be responsible for the mortgage payments if your ex-boyfriend does not refinance the loan.
i would suggest you to file a partition lawsuit and the court will order the sale of the property. after the sale, the mortgage will be paid off first and then the rest of the sale proceeds, if any, will be divided amongst both of you.
if i do the quit claim deed and he does a loan modification with the mortgage company, is that the same as if he were to refinance? I know he has bad credit , so I doubt he will be approved for a refinance. If he does a loan modification can I get my name off the deed/mortgage loan? Thank you so much for your help.
A loan modification is not similar to a refinance. With a modification of your mortgage, you would be able to change the terms and conditions of the loan. It will not help you in removing your name from the mortgage.