How To Get Your Name Off Of Mortgage
REM # F769
By Ilyce R. Glink
Summary: A ThinkGlink reader bought a home with his fiance and they eventually broke up. He would now like to get his name off of the mortgage and is asking Ilyce if a quit claim deed will work. Ilyce explains the difference between the deed and mortgage.
Q: In 2005, my fiancé 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 loan. Should I sign a quit claim deed 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 estate problem.
Here’s what you need to know: You cannot remove your name on the mortgage
loan unless you sell the house or refinance the mortgage. So, unless you or
your ex-fiancé 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-fiancé 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-fiancé 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.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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