QUESTION

getting name off of a loan & title

Asked on Sep 10th, 2013 on Contracts - Illinois
More details to this question:
My boyfriend and i owned a house together and a 27ft trailer, We owned this house for over ten years, All i want is to get my name off of the loan and trailer. How can I go about this without any legal fees.
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1 ANSWER

Estate Planning Attorney serving Batavia, IL at Drendel & Jansons Law Group
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Even with legal fees, you might not be able to do it. He would have to refinance with the bank to get your name off the loan documents. If your name is on title, the bank may be reluctant to remove you from the loan documents even if the bank would be willing to refinance in his name alone otherwise. If you were married, these things could be addressed in the family court. Since you were never married, your legal rights are limited to those of a partnership or simply a joint property owner (assuming you have an ownership interest). You could file a partition action (on the real estate) and force it to be sold. You would incur attorneys fees in the process, though they could be paid from the proceeds of the sale of the property; but the sale would be a "forced sale" which usually results in lower than market value return even without the legal fees.
Answered on Sep 10th, 2013 at 2:16 PM

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