I need an answer asap!!!!my boyfriend and i broke up and both our name is on the deed but i am not on the loan. i've been paying half of everything since the beginning of the purchase.we put 13,000 down i put 3,000 he put 10,000.i want my name to be remov
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anj
ANSWERS: 7
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your name removed from the deed? Both of you must sign, but you can file a Quit Claim deed in his name only. The key is - he must sign as well so if there are issues, this may be a problem.
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yes i want my name to be removed.i already told him and we both agreed. how does it work and how long will it be?since i paid half of everything, can i get my fair share?if not i jst wanted out and move on....
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Since you have benn paying into the property I hope he is buying your share out
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He will need to get a quick claim deed done to have your name removed. See if he is willing do a cash out refi to give you back what you put into the home. But he can never refi or sell the property without you being on the title and deed. You’re not responsible for the payment but if anything does wrong it will show on your credit.
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You need to see a lawyer..NOW.
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You're actually in a better position than your ex-boyfriend. The Deed is your legal title to the property. Since your name is on the title (the Deed), you have joint ownership (and depending upon your state, in tenancy or in common) of the property. Since only your ex- is on the (promissory) note, it means that he is the only party liable for repaying the note. You're not. If the bank is going to go after anyone, it's going to be him and not you. The lender will probably file suit to foreclose on your jointly-owned property. This means that you'll be named a party to the foreclosure lawsuit. If the property does get foreclosed and is sold for less than the loan amount, the bank can only go after your ex-. You, on the other hand, face the real possibility that you will lose everything that you invested in the property, e.g., the $3,000 and your share of the monthly payments you made. That's not so bad, is it? If you want to take your name of the Deed, all you have to do is file a Quit Claim Deed with your county through your County Recorder of Deeds. It's that simple.
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