A big mistake

[barcar12]

harris co.texas--i purchased a new home with my then fiance' in july 2001. Both our names are on the deed and mortgage note. Her son,wife and 2 children have since relocated to the area(Apr.2002) and are staying with us for 1 yr. until they save up money for a down payment on their own house. They are currently paying us for 50% of the utilities bills and are buying the food. Needless to say,it's now a bit crowded here and I've decided to move to an apartment permanently. She wants me to pay 50% of the note, taxes, insurance etc. even though I won't be living here. Problem is, I don't make enough money to pay her and live on my own. She has agreed to sell the house when they move but won't sell while they are still living here. Oh yea, she won't ask her son to contribute towards the note because it will take longer for them to save up. I don't want to be mean but what option's do I have? Thanks for any advice.

 

[cclovins]

Want OUT?

If you want out with no strings attached. Sign a Quit Claim Deed which will release you of any ties to the property. But You will not be able to get any money from the sell in a year. If you think the property sell at a big enough profit you may want to borrow to pay the note. This is very dangerous.

 

[HomeGuru]

Re: Want OUT?

If you want out with no strings attached. Sign a Quit Claim Deed which will release you of any ties to the property. But You will not be able to get any money from the sell in a year. If you think the property sell at a big enough profit you may want to borrow to pay the note. This is very dangerous.

**A: this is the one of the worse pieces of advice I have heard in a long time. How would a Quit Claim Deed release the writer of all ties to the property when there would still remain the mortgage liability? How could anyone advise a writer to give away the property and still have the mortgage liability?
cclovins, your bad advice is very dangerous.:eek.

 

[barcar12]

Sorry ccclovins but your advice isn't making a whole lot of sense. thanks for trying though. On the other hand Homeguru, since I don't feel like living dangerously right now(already did that with this house), what is your suggestion? Thanks

 

[HomeGuru]

Sorry ccclovins but your advice isn't making a whole lot of sense. thanks for trying though. On the other hand Homeguru, since I don't feel like living dangerously right now(already did that with this house), what is your suggestion? Thanks

**A: you have no options since you don't want to be mean. Are you planning on getting married to her?
Do you want to invoke your rights to your interest in the real property? What exactly do you want to do?