Are there any legal or tax implications to quitclaiming my ex off title during a modification?

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Are there any legal or tax implications to quitclaiming my ex off title during a modification?

I am trying to modify my primary residence. My ex-boyfriend was never deeded off the title or loan- I bought out his interest several years ago. The lender is requesting that I quitclaim him off title. When I started this process 2 years ago, the lender told me not to change the title until I know if I qualify. Should I be worried? Are there any tax or legal ramifications to deeding him off title?

Asked on March 22, 2011 under Real Estate Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Well, I really do not know how to start here.  First, you have placed yourself is a very precarious position by having him on the deed and the mortgage when you have already bought him out.  Now that you have qualified for the modification you need to get his name off of everything. The bank is not going to want to loan on a property that is technically "owned" by two people.  You need to speak with an accountant as to the tax ramifications. Filing the new deed will cost you as I am sure that you are aware.  Legally though you need to get him off of any of the documents that have any thing to do with the house now that it is yours.  Good luck.


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