Can I get my name off this house?

[phyllis123]

What is the name of your state? Maryland

I purchased a house with my fiance'. Our relationship has soured and I want to leave. Both our names are on the house. I am the primary on the loan. We refinanced and took out a loan against the value of the house so now we are paying the mortgage and a second loan. My ex wants to keep the house but his income alone is not enough to be approved for the loans. We don't know anyone willing to replace me on the loan. Other than selling or foreclosure, is there anyway for me to get out of these loans? If we have to sell, will that have a negative affect on my credit? And what happens with the second loan?

 

[FarmerJ]

Suggestion Why dont you look at comparable property in your area on the internet to see what they are listing for ? There Is a possiblility that the market went up enough that It could make it well worth it for both of you to start over in new places . You sure dont need a foreclosure in your history . BTW first and 2nd mortgage will be paid first from sale of the home . So take a look and see what the current market is like .

 

[blake]

If he can't afford the property without you, and the relationship is trully over, sell off any joint assets, pay off any joint debt (1st and 2nd mortgages) and get on with it. Anything less will only cause you alot of frustration both financially and emotionally. Sounds to me like he is being pretty selfish and insensitive to your future financial situation. I agree with the other advice regarding the property may be worth more than the 1st and 2nd. I doubt the bank would let you borrow over the property's value.