Profile picture for chumpo

I bought a house with a family member, how do I get my name off the deed/loan and walk away?

  • February 03 2011 - US
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (5)

Profile picture for wetdawgs
Getting your name off the loan requires the family member to qualify and refinance in his/her name only.   Of course, if the house price has dropped sing the two of you purchased the property, you will have to agree on how to cover this (perhaps splitting it is fair).  

One can't just remove their name as the lender evaluated your finances as part of the lending decision.

Good luck.
  • February 03 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If you are obligated to a mortgage, the mortgage will need to be satisfied before you can "walk away."  If you bought the home for cash, contact an attorney to prepare an instrument to convey the title to your family member (assuming that family member is willing to accept your part of the title.)  Otherwise, contact a realtor to sell the property on behalf of you and your family member.  That would also allow you to "walk away."
  • February 03 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Alan Grizzle
I agree with Jim.

The only way to get your name off the note is to have your family member refinance in his or her name or sell the property to someone else.

Getting your name off the deed is easy, just deed your interest over to the family member. I suggest you only do that when and if they refinance.
  • February 03 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The only clean walk away is if the family member can qualify on their own and you are taken off with the refinance.
  • February 03 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Getting your name off the deed is fairly easy, just "quit claim" you interest over to the other party and file the quit claim deed with the county.

Getting your name off the loan might be a little more difficult. Does the other party have sufficient income and credit to qualify for the loan on their own? If not, the lender may insist on keeping you on the loan.

Hope you can get things worked out :-)
  • February 03 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.