Legal Question in Real Estate Law in New Jersey

Re: Real Estate

You can ask the lender whether they will agree to a reformation of the mortgage and note but it is doubtful that they will do so.

If your fiance will give you a quitclaim deed, that will do the job for you, but it is not a good approach for him. That would leave him with responsibility on the note and mortgage with nothing to show for it. The alternative is to refinance the loan in your name only.

See also: http://info.corbettlaw.net/lawguru.htm

Re: Real Estate

I agree with John and presume there was nothing in writing between you to cover this possibility. You need to work out some arrangement, in writing, whereby he gives you a Deed and you agree to assume all financial responsibility remaining on the Mortgage, if you cannot refinance. This also presumes you are capable of paying all bills without his contribution. There are also questions that need to be resolved about any equity there may be in the home. Until these matters are resolved, he is still liable for his share of any payments that become due. You should have an attorney assist you in finalizing all agreements. Contact me directly if you need assistance.