How doI have a person removed from a mortgage and co-op stock certificate?
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How doI have a person removed from a mortgage and co-op stock certificate?
My girlfriend and I recently purchased a co-op together but things are not working out. I think it’s best that we go our separate ways. I have been told this could be difficult .
Asked on July 24, 2011 New York
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Actually, you don't own real property. In a co-op situation you own personal property; namely stock (in this instance the equivalent of a deed). Therefore you don't have a mortgage. You have a personal loan secured by a UCC filing on your stock shares.
So you will need to have the lender remove your girlfriend's name from the loan note (and corresponding UCC). Depending on your financial situation, this may or may not be feasible. Additionally, you will need to have the co-op board's approval for the transfer of the stock certificate into your name only. Again, you may or may not be successful in doing this.
This all assumes that you can get your girlfriend to agree to the transfer. Also, she may be due some money if she put some of her own funds into the transaction.
At this point you should speak directly with an attorney in your area who handles co-op matters (the fact is that many real estate attorneys do).
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
This is going to be very difficult. One of you has to buy the other out and the one being bought out will need to quitclaim his or her portion to the other. Or you need to find out if you wish to keep the property whether you can simply refinance into your own name for the loan and again she will need to quitclaim the property to you. Ultimately, the mortgage and promissory note are two separate things. If you wind up refinancing the loan in your own name only, and not the title as well, you could be looking at being responsible for the entire loan but she retains an ownership in the property and that percentage could be either 100% (joint tenancy) or 50% (tenancy in common).
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