What options do I have to get my name offa house loan?
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What options do I have to get my name offa house loan?
My ex-fiance and I separated nearly 4 years ago. I moved out and changed my address yet my name is still on the loan. He has defaulted on the mortgage several times and I believe is currently in default. This has been damaging my credit for at least 3.5 years. He claims he is working on the matter but I want to know what I can do to get my name off the loan? I budget my money carefully as I take care of both parents who have medical issues, such as cancer, so there isn’t a lot of extra money for attorney fees. What can I do to expedite this situation?
Asked on September 24, 2011 under Real Estate Law, Alabama
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Since he has defaulted there is no way that he can realistically re-finance (although he may qualify for a mortgage modification; something easier said than done and you still may not be able to get your name taken off as a result).
Accordingly, you may not be able to do anything. That is unless your name is also on the deed. If it is than you are a co-owner. As such you could petition in court for the legal remedy of "partition". A partition is made available to joint owners when they cannot agree as to ownership matters. Pursuant to a court-order the property will be ordered to either be divided (if that is practical) or sold (i.e. having a "sale in lieu of partition"). If the property is ordered to be sold the proceeds will be equitably divided. First, however, the parties are given the opportunity to buy out the other party.
I don't know if you've discussed a sale but even if the mortgage loan is in default a property can still be put on the market (at least until foreclosure proceedings are complete).
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