Refinance vs Quitclaim Deed and Loan Assumption

[quincy]

The last time I asked, he said his application was denied and he did not qualify because his debt to equity ratio is too high. I don't know how honest he is about his financial situation. At one point he stated he would not be willing to refinance until the house was leased...essentially keeping me hostage for half the mortgage until the lease would cover the mortgage completely.

It might be best if you and your ex sell the house then.

 

[LdiJ]

It might be best if you and your ex sell the house then.

All in all that would likely produce the best result for both of you at this point. If your ex refuses to cooperate with a sale then you might simply refuse to pay half the mortgage since he will have full use of the house himself. However, if you do try to use that as leverage you need to keep track of his payments, to make sure that he doesn't fall behind and mess up your credit.

 

[GiselleDean]

It might be best if you and your ex sell the house then.

All in all that would likely produce the best result for both of you at this point. If your ex refuses to cooperate with a sale then you might simply refuse to pay half the mortgage since he will have full use of the house himself. However, if you do try to use that as leverage you need to keep track of his payments, to make sure that he doesn't fall behind and mess up your credit.

I agree and have discussed this with him in the past. He is unwilling to sell because the house was appraised for less than our purchase price and the potential gain of keeping the property long term. The area we purchased the home in is in being gentrified. I am very concerned about messing up my credit or being sued for not paying my part of the loan. Its looking like I will have to take him to court.

 

[HRZ]

You would be UNWISE to acquiesce to a lease unless you are personally well insured and the building is adaquately insured for rental use and you are reasonably well compensated for any such adventure consistent with your risks .

 

[HRZ]

IF ex has full use of the house how are you being compensated for your credit at risk and a reasonable return