Legal Question in Real Estate Law in Michigan
Getting my name off joint mortgage
My ex-husband is living in our marital home. We are currently splitting the cost of the mortgage. Our agreement was that the home will be sold & the profits split equally. In this real estate market, the process is slow & the home has been on the market for a year and a half with no offers at all. He wants to stay there and wants me to sign a quit-claim deed, deeding the home to him. He will also have his attorney draw something up stating he is solely responsible for making the payments. I don't care about losing the equity in the house I just want to cut off all ties to him. Is there a way to get my name off the loan? If not, how risky/leagl would signing the document be? My concern is that if he stops making the payments, or dies, I will be responsible for the payments & not have a deed to the home.
2 Answers from Attorneys
Re: Getting my name off joint mortgage
First you should have an agreement stating that he must refinance the house within in one year. Upon refinancing the home your name will be off the loan.
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Re: Getting my name off joint mortgage
If you do as he desires, if he did not pay the loan, the bank would come after you and then you would have to go after him, i.e. sue him. If you did sue him, at that point, he would likely not be collectible. Then you would have to worry about getting him out of the house.
What would be best for you is if he paid the entire monthly mortgage. Once he can refinance to purchase the house on his own, he can do so and you can get your share of the equity.
Furthermore, I do not see any reason why you should be paying any of the mortgage if you are not living in the property.
In no event should you sign over a the deed unless you have have extinguished responsibility for any mortgage on the property.
There is no easy way to get him out of your life until he can purchase the property outright on his own.
If I can assist you in any way, please do not hesitate.
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