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My ex-husband and I are both on the title of a home that is now worth $140K less than the original purchase price. He is living in the home and willing to take on full house payments if there exists a document between the two of us stating I give up my share of any profits should the market rebound and the home be sold. We cannot refinance in his name to remove my name from title, as he does not qualify solo and the home is worth less than the existing loans. We are in loan modification to see if we qualify for extension of terms. Do documents such as these exist if refinancing is not an option?
State/Country relating to Question: California Already Tried: We don't know what to try. Both of us want him to take on all responsiblities of the home, but he and I and the house need to be protected. I don't think it is possible for me to get off the home title without refinancing in his name, which is not possible given the current circumstance. That being said, is there some written agreement we can draft between the two of us that supersedes the legal title?
Yes, it would be a private agreement executed by your and your husband including the terms of your agreement.
So a legal document between the two of us carries more legal weight than the title? What are my ramifications if we make the agreement and I stay on the title?
the agreement would be drafted to acknowledge the fact that you are on the title, it is not that the agreement carries more weight, but that the agreement is a solid supplement to the title.
Are there other options for removing one person off a title without refinaning? What kind of lawyer should I call to draft the doc?
Thanks!
unfortunately not, a real estate attorney with transactional experience would be best suited to draft the contract.
Anyone you would suggest in Northern California?? Santa Rosa area? Just checking, but thanks for your help.
unfortunately not, but I encourage you to visit www.findlaw.com to find an attorney.
Attorney
Negotiate, Draft, and Review many complex commercial agreements each year.