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Lucy, Esq.
Lucy, Esq., Attorney
Category: Legal
Satisfied Customers: 29985
Experience:  Lawyer
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What are my options on getting out of a mortgage with a fiancee

Customer Question

What are my options on getting out of a mortgage with a fiancee which a 10 year relationship has ended?
Submitted: 2 years ago.
Category: Legal
Expert:  Lucy, Esq. replied 2 years ago.

My name is ***** ***** I'd be happy to answer your questions today.
When both names are ***** ***** property, there are three options.
1. You can buy her out by paying half the equity and refinancing in your name.
2. She can buy you out the same way.
3. A judge can order that the house be sold to pay off the mortgage and any equity be split 50/50.
Note that if both parties have the means and the desire to buy out the other, the judge usually won't choose one - he'll order it sold to a third party. If there are repairs that need to be made in order to get full value for the house, the parties usually will have to split the costs. In some cases, one party can front the cost but then get repaid half after the house is sold.
If the two of you can agree to sell the house, then there's no need to go to court - but make sure there's a written agreement that's clear about who (if anyone) lives in the house until it's sold, who pays for taxes, insurance, the mortgage, etc., who pays for repairs (if they're being done), and things like that. That way, if she doesn't do what she's supposed to do, you have proof of the arrangement.
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