I am co-owner on a deed, but I am not on the mortgage. What are my obligations and how can I get off the deed?

My ex and I are co-owners on the deed of a residential property but the mortgage is solely in his name. I want to be done with him and the property, but he is uncooperative. Neither of us really wants the property. What obligations and responsibilities do I have because my name is on the deed? Is there any way to get off the deed without his signature? If the house is foreclosed on, will that affect my credit at all since I’m not on the mortgage? If he were to sell the house would my signature be required? Any information at all would be very helpful. Thanks!!

Asked on June 15, 2009 under Real Estate Law, Pennsylvania

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practice in this area.  I suggest that you try to convery your interest in the property to a third party that is willing to deal with this.  Your credit will not be affected by the foreclosure action as you are not on the mortgage.  Thus, you should try to get out while you can.  If neither of you want the property, maybe you can sell it via shortsale or rent it out.  You do not need his signature to quit claim your interest in the house if that is what you want.  or you can set up a limited liability company and transfer the interest to the company.  then your name wont be on the deed.  when the property gets foreclosed on you will not be named.  if the property has equity or you are given money for your interest you can claim this money through the LLC.


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