Buying a house with another person can often allow both parties to purchase a larger home. Two names on a mortgage agreement can become a problem, however, when the other person no longer wants to own the house. Even though you may have a legal agreement or a divorce decree that states the remaining person is responsible for the property, unless you actually remove your name from the mortgage, the mortgage company will still consider you the owner of the property.
Negotiate with the mortgage company to refinance the property. Since the property already has a mortgage in both of your names, a refinance can allow the second person on the mortgage to refinance and place the property in only his name.
Sell the property to remove your name from the mortgage. If the person still living in the house can no longer make the payments and there is no way to refinance the property, sell the property to allow both of you to get your names off the mortgage. At that point neither of you will own the house.
Sue your former partner or spouse to force them to sell the house. If the remaining person in the house will not refinance and does not wish to sell, you may find the only way to get your name off the mortgage is to take them to court and have a judge order them to do it. Explain to him that although you do not want to go to court, you will do so if he is unwilling to take the steps to refinance or sell to allow you to get your name off the mortgage.
Although a quit claim deed will remove your name as the title owner of a property, this type of deed does not remove your name from a mortgage loan. You will still be legally responsible for missed payments and if the mortgage is in default, it will appear on your credit report.
Tips and warnings
- Although a quit claim deed will remove your name as the title owner of a property, this type of deed does not remove your name from a mortgage loan. You will still be legally responsible for missed payments and if the mortgage is in default, it will appear on your credit report.
Things you need
- Court order