Posted on: 22nd Mar, 2010 12:25 pm
hello,
i have read through some of the forums and i think i may have a better understanding of what i will need to do if this situation were to arise but i am heading into a rocky situation and i'd like to prepare for what may soon come. my baby's father/boyfriend and i recently purchased a home together; since the move in things have gotten steadily rocky between us to where if things don't settle out soon i will have to make the decision to move out since he refuses to leave (has no where to go) and i am unable to afford the home alone with my son. in this situation, if i had to leave how would we settle this without me being forced to pay on the mortgage after i am no longer residing there? would i need to get a novation signed by both parties in agreement, as well as a quickclaim deed to transfer the title? since we are unmarried(i dont know if this matters in this situation as we are both on the loan) are there any certain stipulations i would need to go about in order to remove my portion of responsibility from oweing on the home? i have a feeling that he would end up trying to "take me down with him" if he got behind on payments or found that he could not afford the home alone. please help...
i have read through some of the forums and i think i may have a better understanding of what i will need to do if this situation were to arise but i am heading into a rocky situation and i'd like to prepare for what may soon come. my baby's father/boyfriend and i recently purchased a home together; since the move in things have gotten steadily rocky between us to where if things don't settle out soon i will have to make the decision to move out since he refuses to leave (has no where to go) and i am unable to afford the home alone with my son. in this situation, if i had to leave how would we settle this without me being forced to pay on the mortgage after i am no longer residing there? would i need to get a novation signed by both parties in agreement, as well as a quickclaim deed to transfer the title? since we are unmarried(i dont know if this matters in this situation as we are both on the loan) are there any certain stipulations i would need to go about in order to remove my portion of responsibility from oweing on the home? i have a feeling that he would end up trying to "take me down with him" if he got behind on payments or found that he could not afford the home alone. please help...
Hi Bee,
You will have to transfer the property to your boyfriend with the help of a quit claim deed. He needs to refinance the loan in order to transfer it in his name. If he does not do so, then you would be liable for the mortgage. Thus, it is important that your boyfriend refinances the loan in his name.
Thanks
You will have to transfer the property to your boyfriend with the help of a quit claim deed. He needs to refinance the loan in order to transfer it in his name. If he does not do so, then you would be liable for the mortgage. Thus, it is important that your boyfriend refinances the loan in his name.
Thanks
I am not sure that he alone would qualify for a loan in this amount alone as im pretty sure his debt to income ratios would be too high, so assuming this is not an option would mean i am still liable to pay out my half of the mortgage amount even if im not living there with him, correct? Ive also thought about just putting the house on the market and just selling them home and splitting what we get for it and hope that we dont end up oweing? Are there any other options available to me... im a bit new to this whole homebuying thing, this was my first house so i dont know very much.
thank you..
thank you..
Hi Bee!
Welcome to forums!
If your name is mentioned on the mortgage docs, then you would remain liable for the loan whether or not you stay with him. You can definitely list the property in the market and try to sell it off. This will help you in getting rid of the property. However, if there results a deficient balance from the sale of the property, then you will have to pay it off from your pocket.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name is mentioned on the mortgage docs, then you would remain liable for the loan whether or not you stay with him. You can definitely list the property in the market and try to sell it off. This will help you in getting rid of the property. However, if there results a deficient balance from the sale of the property, then you will have to pay it off from your pocket.
Feel free to ask if you've further queries.
Sussane
Sell the house.
