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Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 29017
Experience:  30 years of real estate practice experience.
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I purchased a home with my boyfriend 3 years ago. Our

Customer Question

Good morning , I purchased a home with my boyfriend 3 years ago. Our relationship has come to a end and he wants out of title. Financially he makes more than me. I would like to keep my home but may not qualify for the mortgage loan alone with my current income. I would like to know my options if any?
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Loren replied 8 months ago.
Good morning. I am Loren, a licensed attorney, and I look forward to assisting you.
Expert:  Loren replied 8 months ago.
Do you have any friends or family willing to guaranty or cosign the loan?
Customer: replied 8 months ago.
I have a son that joined the marines a year ago that would be willing to help ,unfortunately we don't know if his credit is established enough. Otherwise no. My family is tied up in situations themselves
Expert:  Loren replied 8 months ago.
Thank you for the additional information.
Expert:  Loren replied 8 months ago.
Unfortunately, if there is a mortgage on the property you are not going to be able to change title without refinancing. If you can not refinance then there is no way get your ex of the loan. Your only practical option would be to sell the property.
Expert:  Loren replied 8 months ago.
You can certainly continue to make payments and keep everything as it is, but without your own loan it is not going to be likely that you can transfer the property in your own name.
Expert:  Loren replied 8 months ago.
I realize this is probably not the answer you were hoping to receive. Also, please remember that this is not necessarily a moral judgement on my part. As a professional, however, I am sometimes placed in the position of having to deliver news which is not favorable to a customer's legal position, but accurately reflects their position under the law. I hate it, but it happens and I only ask that you not penalize me with a bad or poor rating for having to deliver less than favorable news.
Customer: replied 8 months ago.
Is it possible to sign title over to him to avoid any credit hit upon myself ?
Expert:  Loren replied 8 months ago.
Even if you convey the property you will still be on the mortgage and note ( if you are currently). The only way to be released is to sell the property or refinance and use the proceeds to repay the mortgage.
Expert:  Loren replied 8 months ago.

Did you have further questions? Have I answered your question?

Customer: replied 8 months ago.
I am also in the title.
Expert:  Loren replied 8 months ago.

Yes, I understand that.

Are you both on the mortgage and note, as well?

Customer: replied 8 months ago.
we both are
Expert:  Loren replied 8 months ago.

Since you are both on the mortgage and note, the title can not be changed without the consent of the lender or without paying the outstanding amount of the loan.

That is why you would need to either sell the property or refinance it.

Expert:  Loren replied 8 months ago.

If you have no further questions, and have not yet done so, please remember to leave a favorable rating (Excellent or Good) so that I am credited for assisting you. A bonus is not required, but is always appreciated.

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