If my fiance and I purchased a home together and now we may not end up getting married, what are my options?

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If my fiance and I purchased a home together and now we may not end up getting married, what are my options?

We have owned the house about 10 months and if we sold it there is a really good chance we would still owe money. I’m thinking about trying to keep it mysel, but it sounds like there is likely no way to modify the loan and the house would just need to be refinanced to do this. I may not qualify alone and this would likely require me to bring funds at closing. If my finance’ agreed to it would it be possible to change the deed on the house so that it’s only in my name and then draft up a legal document saying that I am paying for the house and I now own it but leave the mortgage as is?

Asked on September 28, 2011 under Real Estate Law, Kansas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

One way to possibly resolve the problem that you have regarding the home that is in your and your fiance's names is for her to quitclaim all interests in it to you where you would be the only person on title since there is no equity in it.

As part of the quitclaim process, you could have a written agreement created where you would be solely responsible for paying the loan and you would not expect the former owner to make any future payments even though she is on the loan.

The agreement would state that you would defend and indemnify her regarding any legal action concerning the home. Hopefully the loan for the home is purchase money so that of you default on the loan there would be no deficiency judgment against you if it sells for less than what is owed on the loan.

Good luck.

 


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