Posted on: 19th Feb, 2009 04:42 pm
my name is on the warranty deed. co-tenant
i was not put on the mortgage loan because i had a worse score than the other person on the deed. so he took out the loan. he now wants to walk away from the house and doesn't have the money to pay me. can i walk away from this?
i don't care if i get any money out of it. i do however, want to know if i'm liable for anything and whether or not i can just file a quitclaim without him knowing. then be done with it.
i did sign something on the closing papers though. i think it was to give permission for him to refinance.
i was not put on the mortgage loan because i had a worse score than the other person on the deed. so he took out the loan. he now wants to walk away from the house and doesn't have the money to pay me. can i walk away from this?
i don't care if i get any money out of it. i do however, want to know if i'm liable for anything and whether or not i can just file a quitclaim without him knowing. then be done with it.
i did sign something on the closing papers though. i think it was to give permission for him to refinance.
Hi pjnelson,
You can of course transfer your share of interest in the property to your friend using a quit claim deed. But I doubt whether that would be possible without him knowing as some of the states do require the grantee (whom the property is transferred) to sign on the deed. Since your friend is on the loan, even if he quitclaims the property to you, he cannot get rid of his financial liabilities. As you're not on the mortgage, you will not be held liable for it.
You can of course transfer your share of interest in the property to your friend using a quit claim deed. But I doubt whether that would be possible without him knowing as some of the states do require the grantee (whom the property is transferred) to sign on the deed. Since your friend is on the loan, even if he quitclaims the property to you, he cannot get rid of his financial liabilities. As you're not on the mortgage, you will not be held liable for it.
this must be a wonderful "friendship." why in the world would you want to "just file a quitclaim without him knowing"???
as for liability, you, as an owner, agreed to the terms of the mortgage (not the loan), which stipulate that you'll insure the property, keep it in good repair, etc. you will, as an owner, be a party to any legal action that takes place. that doesn't obligate you to make payments on the loan, so if you choose to walk away from the home and leave your "friend" to deal with the issues, you may certainly do that.
as for liability, you, as an owner, agreed to the terms of the mortgage (not the loan), which stipulate that you'll insure the property, keep it in good repair, etc. you will, as an owner, be a party to any legal action that takes place. that doesn't obligate you to make payments on the loan, so if you choose to walk away from the home and leave your "friend" to deal with the issues, you may certainly do that.
