Seperating - Both are on Deed - What to do?

0.10 Dollars($)

My boyfriend and I bought a house in August of 2007. He recently quit his job and isn't working. He has let all of his bills go into collections. For personal reasons other than those I have decided it's time to move on. Going through the closing papers, I'm first on just about everything. Does that mean anything? He is listed on the deed as a borrower. So does that mean he is a cosigner or is he a primary on the loan (I'm listed first as borrower on the deed)? I'm trying to find a way to get out of the relationship with out ruining my credit. He doesn't want to leave the house, but I am not willing to leave it in my name. Is there some way to have my name removed with out refinancing since I'm on the deed? I don't see any other way to get around it since he is on the deed.

I'm just really confused right now and any advice would be helpful. I'm willing to turn the house over to him and leave it at that, but because of his credit he wouldn't be able to refinance on his own.

sara · Posted: Mon Nov 24, 2008 6:23 am Post subject:

Hi guest,

Welcome to the forums.

It's not that you have to refinance if you'd like to remove your name from the deed. When you leave property to your boyfriend, it's he who needs to refinance the loan in his name. But he doesn't seem to be a reliable borrower as because he has let all his bills go into collection.

I guess both of you are listed as borrowers on the mortgage. In that case, the lender would expect your boyfriend to refinance the loan if you'd like to remove your name from the deed. But as that's not possible, what i feel is, you should convince him so that you sell off the property and repay the mortgage. In case he doesn't agree, you can file a partition lawsuit for a forced sale of the property.

Take Care

smithsussane · Posted: Mon Nov 24, 2008 7:03 pm Post subject:

Hi Guest!

Welcome to forums!

I agree with Sara. You can file a partition lawsuit so that the property is sold and both of you get your portions from the sale proceedings. Though you have mentioned that your boyfriend has let all his bills go into collections, still there are various ways to improve credit. Once he improves his credit, he can then refinance the property on his own. Check out the following link and advice your boyfriend to improve his credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Feel free to ask if you have further queries.

Sussane

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