Lissy
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Your name can not be taking off the mortgage unless he refinances with his name only.
One or the other can buy out. In other words, if the house house an equity of 10,000 then one person will owe the other 5,000. Or, you can sell.
It's all depending on the circumstances. |
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Lonnie J
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this is typically called a tenants-in-common agreement and you actually spell out who will buy out whom upon the passing of certain conditions.
Perhaps, you can outline all of the contingencies and talk through what might happen. It becomes a negotiation once you include the financial conditions of either party. Building a good agreement and defining the understandings prior to any unforeseen situations is always the best way to anticipate problems. Even if they don't actually work out how either of you anticipated, you've built an understanding of values and it's easier to move forward at this point than try to build those understandings when your relationship's in crisis. N'est pas? |
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Caroline
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there are two ways
1. The person wishing to keep the house should take over the loan as well as pay the amount already paid by the other person back.
2. Or sell the house settle the loan and divide the remaining amount in the payment ratio. |
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Janice 10
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One could buy the other one out, and keep the home. Best Wishes! |
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Cool girl
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The best way will be to sell the house and divide the remaining amount and say goodbye to each other. |
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Richard M. Johnston, Realtor
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This depends on how you two took title. You can call the escrow company who handled your home and ask for advice on what to do. You can also contact a local Realtor who can have a title report issues which will outline who the lender is and how the title was taken. Before any changes are made, please consult with a tax advisor and real estate attorney. Better safe than sorry. |
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Kellogg's Fruit Loop
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you have to check your contract. OR one of you can sell the half to the other. |
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phoozball
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The best way to handle this is for if and when the breakup happens to transfer the deed into one or the others name. The person who keeps the house may have to pay the other in order to keep the house. Now that equity is being built you may be required to pay half the equity. If you and your boyfriend are together long enough....you may be technically married. |
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lolaness2002
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You would have to do a "Quitclaim Deed" and then visit the bank and submit a formal request in writing for one of the names to be removed from the mortgage - the house itself (the title) and the mortgage are two separate things that would have to be dealt with separately ... the hard one would be the mortgage. |
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infamousdaximus
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One will need to buy out the other if one wants to keep the house. You can't normally drop a name off a mortgage.
Some one can file a QUIT CLAIM DEED, but they will loose all rights to any profit or loss in the home, but the bank must be willing to except this.
Most of the time if you have the house long enough, your equity will build up enough for ones half to be able to refinance the home in that ones name. But your credit score and income will play a big part in it.
In some states the statute of co-habitation will prevail and is the same as marriage.
Remember if you break up, then there will be hard feelings, there will be a fight over it. |
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Vin
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I think you can do a refinancing and close it with only one of the original parties on the new loan. |
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