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Me and my ex girlfriend had bought a house 2 years ago and now have broken up.
The bank will not release me from the liability of house due to she does not make
enough to pay for the home on paper. She has agreed to do a contract with me to
for forfeit my right and payments to the home,but wanted to know how this could
go wrong if she decides to stop paying on the house.
Asked on March 19, 2018 under Real Estate Law, Wisconsin
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
Any contract between you and her has NO effect on your obligations to the bank: you cannot take away your obligations to the bank or the bank's rights to sue you for money by an agreement that the bank does not itself agree to and is not part of. So if she does not pay, a default can be reported against your credit and the bank can sue you for the money due under any mortgage, HELOC, etc.
You are better off selling the house, paying off the loan, and then splitting any proceeds (if there is any money after paying off the loan) with your ex. If she will not voluntarily agree to do this, there is a kind of legal action, commonly called an action "for partition" (though your state may have a different name for it) which can be brought to force the sale. A real estate attorney could help you with this.
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