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Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 32088
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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My partner and I own a home 50/50. We are now spliting up.

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My partner and I own a home 50/50. We are now spliting up. The loan on the house is $525,000 and the home now appraises at $460,000. So we are upside down. She is able to refinance the home on her own so we do not have to short sale it. I am not able to afford the home on my own and am willing to walk away. This will protect my credit without the short sale or foreclosure. She is approved for the loan and now all i need to do is sign the Grant Deed to release title. My question is....Am I doing the right thing? Is there anything else I should be thinking of? Will signing the Grant Deed be the only thing to do to release all my liability?

If you don't mind giving up your interest in the house in exchange for a release of the debt, this is the best thing you can do.

 

Usually, the remaining owner can't refinanced and someone in your position would be stuck on a mortgage for a place that you no longer own an interest in.

 

If she can get refinanced alone and release you from the mortgage in exchange for a deed, that's the best case scenario.

Customer: replied 7 years ago.
Thank you for the answer. It seemed pretty straight forward. I just wanted to be sure there wasn't something else to think about. I wish I could keep the house but financially would be strapped. And I feel it will be years before there is any substantial equity. This way I can move on and possibly buy something else sooner without a ding on my credit.
This is definitely your best case scenario under the circumstances. If you can get this done, you're going to come out better than most.
Customer: replied 7 years ago.
Thanks again !!!!
Sure. Good luck.
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