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Bought With Her Boyfriend |
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Hi Edith,
My boyfriend and I bought a house together in January. We have both our names on the house as buyers, and we both are using both of our credit, but now things aren't so great and i want to remove my name from the house. How do I go about doing this if he doesnt want to sell the house. |
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You and your friend are both owners of the house, and you are both individually responsible for the whole mortgage debt.
"Removing your name from the house" is easy. You just sign a new deed turning over your share of ownership to the boyfriend. He is now the only owner.
Removing your name from the mortgage is not easy at all, and you probably can't do it. You could end up with no ownership, and still liable for the mortgage.
If he doesn't want to sell, you do have the "right of partition." That means you can go to court and ask for an order that the house be sold at a public auction, and anything left after the mortgage has been paid off divided between the two of you. But such a forced sale seldom brings a good market price, and there are legal costs, and it could leave you both with a financial mess. Still, a letter from your lawyer mentioning all that might be enough to persuade your co-owner to put the place on the market in the normal fashion. |
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Edith
Originally published on April 15, 2008 |
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