QUESTION
How to get ex off of mortgage easily (and cheaply)?
Asked on Apr 02nd, 2012 on Real Estate - New York
More details to this question:
My (ex) fiance and I bought a house approx. 6 months ago, with me as the primary borrower of the mortgage and him as the coborrower. We decided to end our relationship and I kept the house. His name is still on the mortgage and he (and I) would like it off.
Also, he currently owes me money for a credit card of his that I paid off and we have a loan together.
He is bitter about the break up and I feel as though he may try to "get one (or 2) past me" by leaving me hanging with the loan or something with the mortgage.
How can I protect myself, as I have paid everything in regards to the mortgage since the very beginning?
1 ANSWER
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This is Exhibit "A" as to why one should not enter into legal relationships with another person in the absence of a permanent personal relationship. There are no easy answers.
If you and your ex "bought a house" together, the more important question is who owns the house. If it is in both names, he/she is a co-owner. The more you pay on the mortgage debt, the more equity you are building up in his/her name. Since the two of you signed a note (an "IOU") to the lender, the only way to get your ex off the mortgage is to get the lender to agree to do so. The lender has the call and may not agree to do that.
If your ex owes you money on a credit card debt that you paid off, the only way to collect is is for him/her to voluntarily pay you back -- or for you to sue him/her in court. You will have to prove that the debt was his/hers and that you paid it off.
If you have a "loan together", that probably means the two of you signed a note agreeing to pay the lender back. In other words, if your ex does not pay the debt back, the lender has a legal right to look to you for full payment. Your credit is at risk.
You have exposed yourself to some bad things here. You should confer with a lawyer for help in minimizing the damage.
Answered on Apr 08th, 2012 at 9:52 AM