Posted on: 28th Oct, 2008 05:44 am
april of this year i purchased my first home with my fiance. both of our names are on the deed and on the mortgage. he has a back injury, and has filed for disability. in the meantime his credit card bills and student loan are past due. i'm afraid of losing the condo. i am able to afford the mortgage payments on my own. i really don't want to refinance because the current rates are unstable and they are higher than the rate we currently have. if we filed a quit claim to put the property in my name would his debtors be able to go after our property? or are we forced to quitclaim and refinance in my name? any help would be greatly appreciated.
Hi Trisha!
You can ask your fiance to quitclaim his portion of the property in your name. Then you will have to contact the lender. Normally the lenders prefer refinancing. However, there is another option called novation. You can speak to the lender about this and check if he agrees for it or not.
Thanks.
You can ask your fiance to quitclaim his portion of the property in your name. Then you will have to contact the lender. Normally the lenders prefer refinancing. However, there is another option called novation. You can speak to the lender about this and check if he agrees for it or not.
Thanks.