Posted on: 22nd Oct, 2007 06:27 am
my mother is not married but purchased a property and lives in a property with her male partner. her name is on the deed and the mortgage. there was no written living together arrangement. now, she wants out and wants her $40k downpayment back from him. how should she proceed with the deed, mortgage and reimbursement? can he simply refinance?
Hi,
If your mother wants to move out of the property, she has to sign a quit claim to take her name out of the title and her partner has to refinance the mortgage in his name only.
Regarding the reimbursement of the down payment, she has to talk clearly with her partner and fix the matter if he is willing to refund. Otherwise she may contact an attorney and take help.
It will be better if the repayment is done first and then she takes her name out of the property, otherwise she may lose both the money as well as the ownership.
If your mother wants to move out of the property, she has to sign a quit claim to take her name out of the title and her partner has to refinance the mortgage in his name only.
Regarding the reimbursement of the down payment, she has to talk clearly with her partner and fix the matter if he is willing to refund. Otherwise she may contact an attorney and take help.
It will be better if the repayment is done first and then she takes her name out of the property, otherwise she may lose both the money as well as the ownership.
Hi Markandkim,
This is not a very easy process. You said that your mother wanted to move out; so she can sign a quitclaim deed; but that will not make her name out of the mortgage. If her male partner agrees to refinance; only that can help her to get her name out of the mortgage. But in that case, will he agree for the reimbursement of the down payment?
I think it will be better if your mother take help from an attorney.
With best wishes,
Larry
This is not a very easy process. You said that your mother wanted to move out; so she can sign a quitclaim deed; but that will not make her name out of the mortgage. If her male partner agrees to refinance; only that can help her to get her name out of the mortgage. But in that case, will he agree for the reimbursement of the down payment?
I think it will be better if your mother take help from an attorney.
With best wishes,
Larry
Hello markandkim,
Welcome to the forums.
Getting an attorney is good advice.
He would have to refinance the property in his name.
She will not do anything until he is ready to close then she will deed the property to him. But not before he closes, the title company or attorney handling his new mortgage will take care of the paperwork.
He would need to cash out $40,000 in equity if there is that much value to the house.
Welcome to the forums.
Getting an attorney is good advice.
He would have to refinance the property in his name.
She will not do anything until he is ready to close then she will deed the property to him. But not before he closes, the title company or attorney handling his new mortgage will take care of the paperwork.
He would need to cash out $40,000 in equity if there is that much value to the house.
