I own a home with ex husband. I want my name off the mortgage. How?
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I own a home with ex husband. I want my name off the mortgage. How?
We rent out the home and it is not making us any money. He won’t agree to sell it. I know unless he refinances the home under his name I really don’t have any other options do I? Also, he was recently laid off from his job so I know he wouldn’t be able to refinance even if he tried. Is there anyway to sign over my part of the loan/deed to him? I feel that I am stuck in this with no way out and I can’t legally make him do anything.
Asked on April 20, 2017 under Real Estate Law, North Carolina
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You can file an action in "partition". This is a legal remedy that is employed when co-owners of jointly held property cannot agree on whether no to sell it. In such an action, the court will order either the physical division of the property, if possible. If division is not possible (as in your case" then the court will order a "sale in lieu of partition". Once the sale is completed, the proceeds are distributed equitably between the owners. First, however, any owner wishing to keep the property can buy out the other owner's share for fair market value.
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