mortage, what do i do?

[bobo60]

What is the name of your state (only U.S. law)? nc
hello,
my girlfriend and i purchased a house about 2 1/2 yrs ago. both our names are on the deed. we each pay half the mortage payment each month. now, i want to leave my gf, and move back to ny/ im not going to pay my half of the mortage, once i leave. what happens now? my name is on the mortage. do i have to sign the deed over to her? pls advise...bob

 

[FlyingRon]

Do NOT deed away your property rights without getting released from the mortgage. Deeding will give away your rights to the house while retaining your responsibility to pay the complete mortgage payment if she does not.

If she wants to refi in her name, then deed it over at closing. Otherwise, suggest you two sell the house.

If you can't negotiate an exit between yourselves, then you'll need a lawyer.

 

[HomeGuru]

What is the name of your state (only U.S. law)? nc
hello,
my girlfriend and i purchased a house about 2 1/2 yrs ago. both our names are on the deed. we each pay half the mortage payment each month. now, i want to leave my gf, and move back to ny/ im not going to pay my half of the mortage, once i leave. what happens now? my name is on the mortage. do i have to sign the deed over to her? pls advise...bob

**A: oh but you will be liable for half or the entire mortgage so read your mortgage and note, specifically the joint and several liability clause. You will also be liable for half of other costs such as insurance, real property taxes, repair and maintenance etc. So plan accordlingly. Even if you deed her your interest, you would still be liable for the mortgage and related costs.