Tuesday, August 24, 2010

How do i get out of being a co-buyer on a house mortgage?

My boyfriend and i have decided to call it quits after 4 years together. In that 4 years together, we bought a house where i was co-buyer or secondary on the loan. I now want to make a clean break from him and the house. Is there anyway i can do this without this effecting my credit?How do i get out of being a co-buyer on a house mortgage?
You can easily remove yourself from any ownership interests in the property by effecting a quit claim deed, and registering same at the local land office/register of deeds.





Removal from mortgage responsibility, however, is not so easy. Your former partner must refinance the property with a mortgage in his own name only. The lender on your current mortgage will not remove you in any other fashion.How do i get out of being a co-buyer on a house mortgage?
If your boyfriend refinances the house with out your name on the new mortgage or if the old mortgage is paid off in some other way that would take you off.





If you are also part owner then you still may have obligations and benefits until the home is sold (or you can sell your part to him). You better get a lawyer involved.
he can refinance, or you guys can sell it, split the equity, and go your separate ways.
Yes. Have your bf refinance, and take you out of the mortgage

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