Q: In 2005, my fiance and I bought a house together. In 2006, we separated and ultimately decided to break up for good.
For the past 18 months, I’ve been unable to negotiate a refinance of the home in order to remove my name from the loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds... Should I sign a quit claim deedA Quit Claim Deed is a deed that operates to release any interest in a property that a person may have, without a representation that he or she actually has a right in that property. For example, Sally may use a quit claim deed to grant Bill her interest in the White House, in Washington, DC, although she may not actually own, or have any rights to, that particular house. or begin a legal process to remove my name from the loan?
A: I’m amazed at the number of people who write to me who think that signing a quitclaim deed is the answer to every real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. problem.
Here’s what you need to know: You cannot remove your name on the mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. loan unless you sell the house or refinance the mortgage. So, unless you or your ex-fiance is able to afford to pay the mortgage alone, neither you nor he will be able to refinance.
If you don’t want your name on the loan, your only choice will be to sell the property. If your ex-fiance doesn’t want to sell, you may have to sue him, which will be expensive, heart-wrenching and time-consuming.
Please talk to your ex-fiance about the situation and see if you can’t work something out but don’t quitclaim the property to him unless you are able to get your name off the loan.