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Buying or Selling a Home/Quit Claim/ Name off mortgage
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Question
Hello,
I was in a long term relationship that included buying a
home together. The relationship has since ended and she
decided that she wanted to keep the house. I am no longer
making any monetary contributions to the mortgage. She pays
it on her own.
I completed a quit claim deed, but my name remains on the
mortgage. She has promised to refinance the house, but it
has yet to be done. Do I still have a legal right to the
property? Can I get my name of the mortgage without the refinancing being completed?
If not, what steps do I need to take to separate myself
from this financial obligation? My ultimate fear is that
she will default on the loan and I will get stuck with half
the bill.
Thank you in advance for your advice.
Dear Josh;
You need to discuss this with an attorney to see what can be done. There are legal obligations when you sign loan docs that do not necessarily go away just because you sign off your interest in the property. I cannot give you legal advice but an attorney should be consulted immediately if you have fear that she will default on the loan. You should also discuss your concerns and questions with the lender as well.
They will tell you what they need in order for you to walk away from the loan.
Good luck and best wishes,
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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