If my fiance and I purchased a home together and now we may not end up getting married, what are my options?

Get Legal Help Today

 Secured with SHA-256 Encryption

If my fiance and I purchased a home together and now we may not end up getting married, what are my options?

We have owned the house about 10 months and if we sold it there is a really good chance we would still owe money. I’m thinking about trying to keep it mysel, but it sounds like there is likely no way to modify the loan and the house would just need to be refinanced to do this. I may not qualify alone and this would likely require me to bring funds at closing. If my finance’ agreed to it would it be possible to change the deed on the house so that it’s only in my name and then draft up a legal document saying that I am paying for the house and I now own it but leave the mortgage as is?

Asked on September 28, 2011 under Real Estate Law, Kansas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

One way to possibly resolve the problem that you have regarding the home that is in your and your fiance's names is for her to quitclaim all interests in it to you where you would be the only person on title since there is no equity in it.

As part of the quitclaim process, you could have a written agreement created where you would be solely responsible for paying the loan and you would not expect the former owner to make any future payments even though she is on the loan.

The agreement would state that you would defend and indemnify her regarding any legal action concerning the home. Hopefully the loan for the home is purchase money so that of you default on the loan there would be no deficiency judgment against you if it sells for less than what is owed on the loan.

Good luck.

 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption