Legal Question in Real Estate Law in New York
My girlfriend and I bought a home in Seattle 5 years ago. We split up after a few months of living together, she has handled the payments on her own, and I've been living in NYC for the past 4 years. I really want to get my name off the loan, and she wants to do a loan modification to lower payments, because she lost her job. She needs me to submit my financial info to the bank so she can proceed with the modification. My concern is, if I do that, it will be more difficult for me to get my name off the loan later. She also wants me to do a quitclaim now, so they won't require my personal financial information for the loan modification. That does not feel right! I want my name off of the loan so I can buy another place. She can't afford to refi right now. What should I do?
Thank you!
1 Answer from Attorneys
I agree with your intuition. If you are on the deed and loan with your girlfriend, and you want your name off the loan, you should not be submitting your personal information to allow her (and you) to refinance the loan.
First, you should be submitting the question to a Washington State attorney for input. Washington State - and not New York law - applies.
Second, you probably should be selling the house. If you cannot sell the house, I am sure that Washington State has a law concerning partition of real property.
Third, do not deed her the property. I do not have to be a Washington State attorney to tell you that.
Mike.
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