AboutBill Iannelli Expertise Anything to do with residental real estate: Disclosure, title issues, buyer and seller representation, foreclosure, ethics, rentals, landlord rights, evictions, inspection, time frames, Arizona purchase contract.
Experience 18 years in the business. Broker owner of Iannelli and Associates. Have my own real estate radio show "Real Estate Matters" every Saturday morning at 11:00 on 1480 KPHX or nationwide at www.aaphx.com
Own my own portfolio of real estate, developer of apartments, commercial real estate and single family homes.
Organizations National Association of Realtors, Member of both the Phoenix and Prescott multiple listing service.
Publications Desert Advocate Newspaper Carefree Arizona. Question and answer column
Education/Credentials Licensed Real Estate Broker, BS in Education, certified real estate instructor on the code of ethics.
Awards and Honors Don't want to brag. Not important to the public. They want answers and advice not me telling them how many millions of dollars of real estate I have sold
Expert: Bill Iannelli Date: 6/27/2008 Subject: Your answer to the email "Your Ex" on 12/7/2007
Question I am in a very similar situation. I am glad to read about the 'Quit Claim'
option. However, regarding the loan, if the loan was only assessed on MY
credit and I am the primary - will it still affect his credit? (BTW his highest
score is an 811). If we do bust up, I will be buying him out due to the current
market (selling just won't be an option). Is it still best that I refinance to clear
him of responsibility or is there any legal paperwork that we could fill out to
"relieve" him without refinancing? Thanks for any answers you can give. -K
Answer Did he sign the loan documents and was his name on all the loan docs?
If you were the only one on the loan then he is not responsible. With regard to buy out, are you married? How is the house titled? Is he on title? If so he can quit claim his interest to you. If he is not on title I would have an attorney draft up an agreement that you will be buying out his interest and by doing so he can make no additional claims for the property or any additional funds. By accepting the buyout he is done. Give him his money and send him down the road. With a credit score of 811 he can get any loan he wants. You may have a problem right now on a refi if the house has gone down in value. This is the best I can do with the information you supplied.
