Re: Quit Claim Deed
- From: "Sure,Not" <bamberbert@xxxxxxxxx>
- Date: Mon, 22 Dec 2008 09:11:08 -0800 (PST)
On Dec 18, 12:22 am, mabbot...@xxxxxxxxx wrote:
I own a condo with my ex-boyfriend, please spare me the "never buy
property with someone you aren't married to" I get my mistake. So now
fast forward 3 years neither one of us live in the city of the
property any longer, we were unable to sell due to a slumping real
estate market. I am a full time student and can no longer afford the
payments, we have it rented but it doesn't cover all of our expenses,
ie taxes, HOA, and HELOC. I have told my ex numerous times that I
can't afford it and I want to try and negotiate a short sale. He
won't give me an answer on what he is willing to do.
So here's my question: Is there anyway that I can get out of this
property? He won't sell and doesn't want my share. What can I do? I
know of quit claim deeds but my understanding is that he would have to
sign this document.
Thanks.
You cannot transfer mortgage debt or any financial obligation through
the deed. If there is a mortgage on the property you wish to transfer,
you'll have to pay off the debt prior to the transfer and make the
title free and clear. Otherwise, you'll have to transfer the loan as
well.
In order to transfer a mortgage to the grantee, you'll have to
convince the latter to refinance the loan in his/her name. And, at the
time of refinance closing, you can sign on a quitclaim or grant deed
in order to transfer the property to the grantee. Alternatively, you
can transfer the title first and then have the grantee refinance the
mortgage in his name. But before you do so, get it in writing from the
grantee that he'll refinance as soon as you convey the title.
Otherwise, you'll (the grantor) be left to pay off the loan entirely
without having the property in your name.
.
- References:
- Quit Claim Deed
- From: mabbott78
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