Legal Question in Real Estate Law in New York
real estate
My fiancee and I bought a house together, Now she wants to split up. The deed is in both our names, but the mortgage is in mine. She wants me to move out and get a promasory Note stating that she will take care of the Mortgage payments.
2 Answers from Attorneys
Re: real estate
Her promissory note will not save your credit if the bank ever forecloses. Let her buy you out. If no equity, let her get her own mortgage (paying off yours)and give her the house.
Re: real estate
What I suggest is that you apply for a refinance under her name and transfer the mortgage and the deed to her. There are many additional questions, but if she defaults on the payments, your credit will be affected. You are more than welcome to call me for further questions. I can be reached at 201/646/9600.
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