legal agreement between separated co-owners on trailor mortgage

[Schwemmd]

I purchased a trailor in 1996 with my ex-fiance in Louisiana. He is the primary and I am the secondary on the note. He has lived in the trailor and paid the note/insurance for the past 4 years. He now does not want it and wants me to take over the mortgage. I applied to assume note, but was denied--I'm a recent college graduate and single-parent, so my credit/income isn't as strongly established as his. Is there an agreement--as simple as possible--that can be written up that gives me full interest as well as liability? I don't want him coming back in a few years and deciding he wants his trailor back! Please help--my final move-in date is January 20, 2002!

 

[HomeGuru]

You dont need an agreement. All he needs to do is deed the property over to you. One question though: if you could not qualify for the loan, how are you going to take him off the loan so that yod have the total mortgage liability?

I say sell the place and move on.

 

[Schwemmd]

Thanks for your response! So, basically, the only way go around an assumption or direct loan is for him to "gift" it to me, which will still leave him liable for the loan? And we are trying to avoid selling for good reason--trailers depreciate at a staggering rate and we'll owe a balance after selling, the risks of allowing someone to assume note are too high, and the interest rate on a used trailer is somewhere around 18%--not exactly screaming "I'm a good deal!"

 

[HomeGuru]

If you don't sell, then nothing changes right?
You and he will still be on the mortgage.