Property law: get out of a mortgage ?

[croslea]

Bottom line is: What are the ramifications if I stop paying my portion of the mortgage. The lands title is and mortgage are in joint names.

My ex-fiancé and I were in a long distance relationship for two and a half years. We got engaged six months ago and I moved to be with him. I sold most my furniture and possessions so we wouldn't double up. I found out he was cheating on me for the last year of our relationship.

In the mean time we bought a house together four months ago. If I had have known of his infidelity I would have never gotten engaged, moved or entered into a home loan contract.

I have put a lot money into the house. I'm not looking to chase that. I'm not looking for revenge, I don't want anything. I just want to get out. Get away from him. I just want the mortgage and lands title out of my name with out giving me bad debt against my name. how do I do that?

[jabin20]

he would have to re apply for the mortgage in his name only and if its affordable the process can move for him to take over the mortgage solely. o solicitors costs will be incurred in the process. if he cannot afford it on his own then a sale must take place and you need to decide how money is divided. If you simply stop paying it is joint liability so you will affect his credit as well as your own and this can affect you getting any future properties until the debt is settled or written off via bankruptcy.


the best method is via a sale and you should discuss with a solicitor either way your options, this may not be plain sailing.
If he refuses to sell and cant afford a transfer then you have a big complicated dilemma.

i have dealt with numerous customers in bad relationships needing to come off a mortgage with minimum effect and to be honest the easiest is via a sale.

[amdt57]

It's not that easy unfortunately. The bank lent you both money on the basis of both your earnings. If he alone has to support a mortgage, his income may not be enough to afford the mortgage amount you currently have. You can't just take yourself off a mortgage. The best thing might be to sell the property and discharge the mortgage. You can then fight over any excess. If there is a deficit, then you are both equally responsible for it. I'd suggest you get legal advice in any regard.

[shipley]

He would have to re-finance in his name only.
This means his income alone would have to be enough to qualify for the mortgage.
You can motivate him, by offering to pay closing costs.
And make this offer void after 6 months.

Other option: Sell the house.

[jordi]

If you stop paying and your ex does not pick up the slack, the house will be foreclosed because the loan is secured by the property. This will ruin YOUR credit as well as his, so this is a bad option at best.

Your best solution is to first offer to sell your portion to your ex. He will have to refinance to make that payment and that will solve the problem.

If he will not sell, then you can (via a lawyer) file for a forced sale of the house by the court, where any proceeds will be split between you. For this you need to see counsel.

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