Question:

I own a house with my boyfriend and i want out of the house and the relationship. Can i sign the house over?

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i am 24 yrs old and my boyfriend and i bought a house together 18 months ago and now i want out of the relationship. With the market how it is right now it is almost impossible to sell. I want out so bad i am willing to just sign the house over to him just to get my name off it and i can walk away. Is this possible? I dont want it to go into forclosure but that is also an option albeit a last resort. I am looking for all options. Also, who do i see to do this? A mortgage broker, real estate agent, a lawyer?

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  1. If you bought the house with  ALL CASH, yes you can sign the house over to you boyfriend. If you have a mortgage you will need the mortgage holds approval to get off the mortrgage.  

    Another way would be for your boyfriend to get a new mortgage.

    Good Lack


  2. he can possibly do a stearline refinance and get it in his name only. You will have to quit claim at close Never ever buy a home with some one you are not MARRIED to.

    If you quit claim now and there is no refianace then yor name is still on the note and you are responsible for payments

  3. You can possibly "force a sale." But if you merely Quit Claim it you will still be on the mortgage.

  4. DO NOT sign the house over...that gives up your legal ownership and you are still on the hook for the loan.

    You need to see an attorney that can sue to force him to either refinance or sell the home.

  5. the only way to get your name off mortgage and title is to re-finance.

  6. As mentioned, if you sign the house over to your boyfriend (via a quitclaim deed of something) you will no longer have any ownership interest in the house but assuming your are on the mortgage you will remain responsible for the mortgage.  So, if the mortgage then gets foreclosed on in the future this will harm your credit, as well as his.

    To get off the mortgage your boyfriend could refinance it but he will need enough income to qualify to do this.  Also, if the value of the house has gone down (as you seem to suggest) he may not be able to get a new mortgage for as much as the current mortgage (no matter if he could qualify for it) and he would have to come up with the difference in cash (good luck getting him to do that).

    Your best option may be just to sell it if he is willing (or you can partition the court and force a sale of it if he is not willing to do this) but again, if the value has gone down then maybe you won't be able to sell if for as much as the current mortgage and then you and he together will have to come up with the difference.

    So, you may very well be stuck with a house you can't get rid of for as much as the current mortgage and you can't get yourself off the mortgage.  If this is the case you have the unpleasent options of possibly short selling it (ie you sell it for what you can get and the bank takes a loss on the difference but this is very hard to do and hard to get the bank to agree to, this may not be do-able).  Option number 2, stick it out in the house until the market turns around.  Option number 3, just abandon the place (to your boyfriend) and try to get a new place ASAP, bearing in mind that your boyfriend may get foreclosed on later and this will destroy your credit (and the bank may be able to get a judgement against you for the money owed - but this is unlikely).

    Sorry, but thats the lousy situation I think you are in.  If the house can be sold for less than the current debt, I'd definietly go in that direction (or have the boyfriend refinance the mortgage if that is at all possible) and even force a sale if the boyfriend won't agree to it. Best luck.

  7. You do NOT want to do that.  Just by signing a quit claim to him you would remove your name from the property but you won't come off the note & the mortgage would still be in your name and his & they can come after you for the debt- while you would not even own anymore.  Also, it would continue to show on your credit as a liability, keeping you from buying in the future.  Best bet is to list the home for sale if you can get a buyer- Or have him refinance the loan to get your name off of it.  Good luck!

  8. If you’re only on title, but not the mortgage, you can do what you want and walk away.

    If you’re on the mortgage, you’d be a fool to just sign over the house. You’d be giving up ownership of something you’re still legally obligated to pay for. The only way for you to get out then is to have your soon to be ex buy the house from you. So he’d need to qualify for the entire amount on his own.

    A lawyer is your best bet in this situation.

  9. kick his a.s.s. out.

  10. You are entitled to your portion of the investment, just like partners in a business venture. The safest way would be to get a lawyer or another third party to oversee the division of assets.    Do not sign the house over because you will need to live somewhere else when you move out and that costs money.  And you would be having the division of assets issue if you were married, too.

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