What to do if one co-owner wnats out of property ownership?
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What to do if one co-owner wnats out of property ownership?
My boyfriend and I are in the process of breaking up. We own a house together which is currently our primary resident. The house is currently underwater, with a 1st mortgage and a home equity line. We both hold title in the deed. Both of our names are in the 1st mortgage, and only his name is on the home equity line. He wants to walk out. I want to keep the house. He’s willing to remove title from the house. However, since the house is underwater, there is no way to remove his name from the mortgage. If he signs a quit claim deed now, is his name going to remove from the deed completely? What are his legal obligations to the mortgage since he cannot remove his name from the from the mortgage?
Asked on May 11, 2012 under Real Estate Law, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
First you need to speak with an attorney in your area and let him or her read the mortgage. You may not be able to transfer the ownership to you alone under the terms of the contract. And really I am guessing you can not. Next, there are better deeds to use if you can. Finally, he will always be obligated under the mortgage and home equity as long as his name is on it. Good luck.
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